Skip to content Skip to Search
Skip navigation

AD Ports digital arm buys customs systems firm

By Gavin Gibbon
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

Shein IPO

Mubadala-backed Shein courts investors before London IPO

Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Shein is due to hold informal meetings to answer questions and test the investment appetite of major investors in the coming weeks, before its planned IPO […]

Workers stand on a scaffold in Dubai. Building a high rise in the UAE can be as much as two thirds cheaper than in other major cities

Apartments in UAE among cheapest to build in the world

Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […]

Despite challenges to the economy, Kuwait's bank sector remained resilient, the country's central bank says

Kuwait’s economy holds up against challenges, says central bank

Robust spending and “long-due” structural reforms expected to accelerate following “recent political developments” will help Kuwait’s economy overcome some challenges, according to the Central Bank of Kuwait (CBK). Kuwait faced multiple challenges in 2023 in the face of high inflation, rising global interest rates and bubbling geopolitical tensions in the region, according to CBK’s 12th […]

Saudi Vale copper

Saudi-backed Vale plans to increase copper output

Brazilian miner Vale, which is backed by Saudi Arabia’s Public Investment Fund (PIF), aims to increase copper production after conceding that it had lost ground to competitors in its output of the key metal. Vale is a top global iron ore producer but also operates base metal projects including copper and nickel.  In his first […]