Abu Dhabi – Mubasher: AD Ports Group signed a joint deal with Adani International Port Holding Pte Limited, a wholly owned subsidiary of Adani Ports and Special Economic Zone Limited (APSEZ), and East Harbour Terminals Limited.
The entities will join forces to establish East Africa Gateway Limited (EAGL) based in KEZAD in Abu Dhabi, according to a press release.
AD Ports holds a 30% stake in the newly formed joint venture (JV). The three parties acquired 95% of Tanzania International Container Terminal Services Limited (TICTS) from Hutchison Port Holdings Limited, Hutchison Port Investments Limited and Harbours Investment Limited, for $39.50 million.
Meanwhile, the joint agreement is expected to be completed by the end of June.
TICTS owns all the port handling equipment and employs the manpower at Container Terminal 2 at Dar es Salaam Port, and it will operate the terminal.
The port’s Terminal 2, which boasts an annual container capacity of 1 million TEUs, handled nearly 0.82 million TEUs in 2023, representing 83% of Tanzania’s total container volumes.
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said: "Our partnership with Adani Ports and East Harbour Terminals Limited, is the beginning of a wider collaboration in Tanzania. Together, we can further explore investment opportunities within the country.”
“As a group, we are delivering on our strategy to expand our presence in geographies relevant to our business and to the UAE economic diversification strategy, in line with our wise leadership vision,” Al Shamisi added.
He concluded: “Through such strategic partnerships, we aim to leverage our combined know-how and expertise to develop infrastructure in Tanzania, support its economic growth and increase its competitiveness globally.”
Last April, the UAE-based group teamed up with Unicargas and Multiparques to bolster the Angolan logistics market.
In the first quarter (Q1) of 2024, the net profits attributable to the owners of AD Ports declined to AED 313.83 million from AED 330.93 million in Q1-23.
