Transport Abu Dhabi’s Noatum enters Egypt with Safina buyout By Pramod Kumar August 18, 2024, 10:14 AM WAM The acquisition of Safina will support Noatum Maritime’s ongoing expansion across the Mediterranean and Turkey Noatum, an Abu Dhabi state-owned AD Ports Group company subsidiary, has acquired a majority stake in Safina, an Egyptian maritime and cargo services provider. The deal, the value of which was not disclosed, is expected to close in Q3 2024, the UAE state-run Wam news agency reported. The acquisition of Safina will support Noatum Maritime’s ongoing expansion across the Mediterranean and Turkey. Noatum Maritime is a unit of Spain-headquartered logistics Noatum, which was acquired by AD Ports Group for AED2.5 billion ($680.62 million) in November 2022. Safina offers agency services and maritime logistics to shippers serving the metals, minerals and fertilisers sectors. The Cairo-based company has a presence in 15 Egyptian ports, offering liner and tramp agency service, as well as transit services through the Suez Canal. Safina will be rebranded as Noatum Maritime Egypt and included in Noatum Maritime. Its founders will retain a minority stake in the business. 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
