Skip to content Skip to Search
Skip navigation

AD Ports digital arm buys customs systems firm

AD Ports Maqta digital AD Ports Group
AD Ports said Maqta Gateway's acquisition of TTEK reinforces its market position as a leading digital trade solution provider
  • Maqta Gateway acquires TTEK Inc for $26.7m
  • AD Ports raised over $1bn in IPO in February

Maqta Gateway, the digital arm of AD Ports Group, has acquired TTEK Inc, a developer of border control solutions and customs systems, in a deal worth $26.7 million.

The acquisition involves an upfront payment of $17.1 million and adds to Maqta Gateway’s digital trade solutions portfolio, which uses disruptive technologies such as artificial intelligence, machine learning and advanced risk analytics,

Maqta aims to leverage TTEK’s research and development hub in Vietnam.

Captain Mohamed Juma Al Shamisi, managing director and group CEO, AD Ports Group, said: “TTEK’s existing trade expertise in the Middle East supports the group’s ambition to widen its digital trade solutions within the region. The near-term pipeline includes international markets that are strategically important to the group.”

TTEK is on track to achieve revenue and of around $8.2 million for the year to March 2023 and earnings before interest, taxes, depreciation and amortisation of $2.3 million.

Its CEO Scott Murray added: “TTEK bridges strategic, tactical and operational perspectives for customs modernisation and trade facilitation.”

TTEK’s management will be locked-in for a period of two years post-transaction.

Earlier this month AD Ports Group signed a $2 billion financing agreement with a syndicate of 13 regional and international banks.

Part of Abu Dhabi investment and holding company ADQ, AD Ports Group has a portfolio of ports, economic zones, logistics and digital businesses driving the growth of international trade.

The company has evolved into a significant driver of economic growth, contributing AED152.8 billion ($41.6 billion) to the UAE’s GDP, representing 13 percent of the Emirates’ non-oil GDP and creating approximately 373,500 jobs. 

In February last year AD Ports Group raised over $1 billion in an initial public offering.

Latest articles

Aramco's 40 agreements cover the supply of a range of products comprising strategic commodities

Aramco invests $6bn to bolster local supply chain

Saudi Aramco, the world’s largest oil producer, has signed 40 corporate procurement agreements worth $6 billion to boost its localisation programme. The agreements cover supply of a range of products comprising strategic commodities, such as instrumentation and electrical and drilling equipment. The move will strengthen Aramco’s domestic supply chain ecosystem, providing suppliers with long-term demand […]

Sabic said better conditions in its agriculture and automotive businesses are supporting its margins

Sabic reports loss of $747m as product prices tumble

Petrochemicals major Saudi Basic Industries Corporation (Sabic) reported a net loss of SAR2.8 billion ($747 million) in 2023, as average product sales fell by a fifth. The losses were also driven by the discontinuation of operations at Hadeed, its steel manufacturing subsidiary, which resulted in a loss of around SAR4 billion. In September 2023, Sabic […]

Masdar starts work on two UK battery storage projects

Masdar Arlington Energy, a subsidiary of UAE’s Masdar, has started construction on two battery energy storage system (BESS) projects in the UK. The Royle Barn Road plant in Rochdale and Welkin Road plant in Stockport will have a combined capacity of 55 MW and provide enough energy to power 25,700 homes.  Masdar acquired UK-based Arlington Energy in […]

Parkin controls more than 90 percent of Dubai's paid parking provision

Dubai parking operator IPO will fund EV expansion plans

Parkin, the Dubai government’s parking management company, plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services.  The company will release nearly 25 percent of its shares on the Dubai Financial Market next month.  The offering begins on March 5, with a price range to be […]