Logistics AD Ports JV buys 95% stake in Tanzania’s port operator By Pramod Kumar June 3, 2024, 5:39 AM AD Ports Group A view of Khalifa Port. AD Ports Group owns 30 percent of the new joint venture, East Africa Gateway Limited, which will be based in Kezad A joint venture consisting of the UAE’s AD Ports Group, India’s Adani Ports and China’s East Harbour Terminals has acquired 95 percent of Tanzania International Container Terminal Services in Tanzania. Abu Dhabi-based East Africa Gateway purchased the stake for nearly $40 million from Hutchison Port Holdings, Hutchison Port Investments and Harbours Investment, the Abu Dhabi-listed ports operator said in a statement on Monday. AD Ports Group owns 30 percent of the joint venture, which will be based in Kezad – Khalifa Economic Zones Abu Dhabi. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week “Our partnership with Adani Ports and East Harbour Terminals Limited is the beginning of a wider collaboration in Tanzania,” said Mohamed Juma Al Shamisi, managing director and group CEO of AD Ports Group. He added that the joint venture aims to leverage its combined know-how and expertise to develop infrastructure in Tanzania and support its economic growth. AD Ports to build and operate Red Sea ports AD Ports digital arm buys customs systems firm AD Ports Group signs $2bn financing deal Tanzania International container terminal 2 at Dar es Salaam Port has an annual container capacity of 1 million twenty-foot equivalent units (TEUs). It handled 0.82 million TEUs in 2023, representing 83 percent of Tanzania’s total container volumes. In April, AD Ports announced it is investing more than $250 million in a project to upgrade the port terminal at Luanda, Angola. Last month, the group reported that revenue for the first quarter of 2024 more than doubled year on year to AED3.9 billion, supported by its maritime, shipping, ports and logistics divisions. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
