Abu Dhabi Ports Group has agreed to purchase a 70% equity interest in International Associated Cargo Carrier (IACC) in a deal worth $140m (AED514m).

The company will finance the deal using its cash reserves, which were $816m (AED3bn) at the end of March.

IACC has a 200,000m² terminal near the King Abdul Aziz seaport and offers container-related services in the Kingdom of Saudi Arabia.

Its container services include maintenance and repair as well as cleaning and tarpaulin fixing.

The company also offers transportation, yard and warehouse services.

IACC is also the owner of two Egypt-based maritime firms, Transmar International Shipping and Transcargo International (TCI).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Collectively, Transmar and TCI generated revenues of $88.4m (AED325m) in the last 12 months. Their combined EBITDA during the same period was $29.3m (AED108m).

Abu Dhabi Ports Group chairman Falah Mohammed Al Ahbabi said: “This acquisition will support our wider growth targets for North Africa and the Gulf region and broaden the portfolio of services we can offer in those markets.”

Abu Dhabi Ports manages the deepwater Khalifa Port in the Abu Dhabi emirate, along with other ports and logistics parks. It also operates the Indian Ocean Fujairah port.

Last February, Saab entered into a memorandum of understanding (MoU) with Abu Dhabi Ports for the development of vessel traffic management as well as port surveillance solutions.