Egypt Watch

Abu Dhabi Ports acquires 70% of two Egyptian maritime transport companies

Friday, Abu Dhabi Ports Group acquired 70% of the shares of the International Associated Cargo Carrier, the owner of Transmar and Transcargo International. The group said the deal is another significant step toward expanding its geographical reach and increasing the scope of its services. The group added the deal is financed from its cash reserves, which amounted to three billion dirhams by the end of the first quarter of this year.

Transmar is a leading regional containerized cargo shipping company that handled 109,000 TEUs in 2021. Transcargo International is the owner and operator of a fleet of stevedoring equipment used for the handling, loading and offloading cargo. Transcargo handled 92,500 TEUs and 1.2 million tons of cargo in 2021. Founded in 2006, the Abu Dhabi Ports Group is one of the region’s main drivers of trade, industry and logistics, bridging Abu Dhabi with the world. Its portfolio includes ten ports and terminals and more than 550 square kilometres of economic zones.

The group had signed preliminary agreements last March with the Egyptian Ministry of Transport, the General Authority for River Transport, and the Egyptian Group for Multi-Purpose Terminals to manage the operations of Ain Sokhna Port, a river port in Minya, storage facilities in Damietta, and passenger lines in Cairo.