Abu Dhabi port operator AD Ports Group will proceed to make investments and leverage its new partnerships to develop its enterprise and enter new markets this yr.
This yr’s targets embrace growing the logistics cluster’s multi-cargo dealing with capabilities and increasing into the Pink Sea, the corporate stated in its annual report.
“In 2022, AD Ports Group will broaden into the Pink Sea, the place we’re making ready to handle cargo and passenger cruise terminals and ports for the Aqaba Growth Company in Jordan,” Falah Mohammad Al Ahbabi, Chairman of the Board, stated within the report.
Inside the logistics cluster, AD Ports goals to greater than quadruple its chilly storage capability for vaccines, meals and different medical and humanitarian provides from 19,000 m2 to 91,000 m2.
“The receipt of a 22.23 p.c stake in Aramex in early 2022 from AD Ports Group’s majority shareholder Abu Dhabi Growth Holding Firm (ADQ) will bolster our enlargement, particularly into e-commerce logistics,” the report stated.
The corporate’s web revenue greater than doubled to 853 million dirhams ($232 million) final yr. Its income rose 14 p.c to three.9 billion dirhams. The corporate additionally efficiently accomplished final yr a $1 billion challenge of 10-year bonds, which had been listed on ADX.
“With our $1 billion bond challenge, and the sale of our first fairness shares in February 2022, AD Ports Group enters 2022 with the sources to proceed its internationalisation,” stated Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group.
“New partnerships with international firms comparable to Shandong Holdings Group will widen our horizons. So too will our fairness stake in built-in transport and logistics participant Aramex and Nationwide Marine Dredging Firm.”
Supply: Reuters (Writing by Cleofe Maceda; enhancing by Seban Scaria)