Skip to content Skip to Search
Skip navigation

AD Ports completes $681m buyout of Spanish firm

AD Ports' intent to acquire Noatum was announced in November 2022 but was pending regulatory approval

AD Ports Group has completed the acquisition of Spanish integrated logistics company Noatum for AED2.5 billion ($680.62 million) after receiving approvals from all relevant regulatory bodies.

The state-owned Abu Dhabi port operator received the final approval from Spanish authorities after attaining regulatory clearance from the European Commission earlier in the year. 

Noatum generated revenue and Ebitda of AED 6.4 billion and AED 448 million in the last 12 months, respectively. Its net debt stood at AED 220 million as of May 31, 2023.

The full consolidation of Noatum started on June 30 2023, the UAE state-owned Wam news agency reported.

Combining its maritime, ports and logistics businesses, Noatum has a presence in 26 countries and a network of 143 international offices.

AD Ports’ intention to acquire Noatum was announced in November 2022.

It bought a 70 percent equity stake in Transmar and TCI in September 2022. In November it announced the purchase of an 80 percent equity stake in Dubai-based Global Feeder Shipping.

Latest articles

Photography, Clothing, Glove

Qatar signs 15-year urea supply pact with US company

Qatar, the world’s second-largest exporter of urea, has signed a long-term urea supply agreement with US-based Koch Fertilizer.  The 15-year agreement, starting in July, will lead to the supply of up to 0.74 million tonnes per annum (MTPA) of urea, state-backed QatarEnergy said in a statement. Locally manufactured urea will be supplied to the agricultural […]

Adnoc's Ruwais LNG project. The company has approved capital expenditure of $150 billion for 2023-2027

Adnoc to reach its 5m bpd oil target before 2027

Abu Dhabi National Oil Company (Adnoc) is likely to reach its 5 million barrel per day (bpd) oil production capacity expansion by the end of next year or early 2026, Bloomberg reported, citing people aware of the operations. The oil company announced in November 2022 that the new target was to be achieved by 2027 […]

A seller at a souq in Oman. The country has been given a stable outlook, thanks to the positive impact of budget reforms and falling debt

Oman to use budget surplus to repay nearly $3bn debt

Oman is expected to repay nearly $3 billion in external debt in the first half of 2024, driven by the budget surplus from high oil prices, Fitch Ratings said in a new report. The resulting 10 percent decline in external debt from the end of 2023 is faster than forecast last September. The rating agency affirmed the Gulf state’s […]

Dubai's Palm Jebel Ali will eventually be home to 35,000 families

Infrastructure work to start on relaunched Palm Jebel Ali

Work is set to commence on the Palm Jebel Ali mega project with new infrastructure work contracts awarded. Among the contracts is one to build a 6 km-long public access road from Sheikh Zayed Road to the palm-shaped master development, Nakheel, the developer of the man-made Palm-shaped Island, said in a statement. DBB Contracting, a […]