Abu Dhabi – Mubasher: Noatum of AD Ports Group has acquired a majority stake in Safina B.V., a leading provider of maritime agency and cargo services in Egypt.
The deal is expected to close in the third quarter (Q3) of 2024, according to a press release.
Noatum Maritime plans to leverage Safina’s expertise, capacity, and reputation in Egypt’s maritime agency market.
The acquisition of Safina aligns with Noatum Maritime’s ongoing expansion across the Mediterranean, which recently included the launch of its offices in Turkey.
Safina is located across six strategic office locations, including its headquarters in Cairo which allows it to provide agency services across 15 Egyptian ports.
Terry Gidlow, CEO of Noatum Maritime, said: "The move enhances our presence in key markets and enables us to strengthen our service offering across Egypt, the Middle East and North Africa, providing for greater flexibility and opportunities to meet our customers’ needs.”
“By leveraging Safina's four decades of experience and local expertise, we aim to further optimise our operations, strengthen customer relationships, and drive sustainable growth," Gidlow added.
In the first half (H1) of 2024, the group’s total net profits increased by 25% to AED 839 million from AED 673 million in H1-23.
