AD Ports expands in Kuwait and Egypt
- Kuwait Ports Authority agreement
- Development of container terminal
- Increased stake in Egyptian operator
AD Ports has signed a memorandum of understanding (MoU) with the state-backed Kuwait Ports Authority (KPA) to explore the development of container operations at Shuaiba Port, it said in a statement.
AD Ports will work on technical, environmental and financial feasibility studies, as well as on identifying the project’s infrastructure requirements.
KPA will designate the project site at Shuaiba Port and collaborate with AD Ports to complete the required studies and obtain necessary licences and approvals from Kuwaiti authorities.
Shuaiba Port is located 45km south of Kuwait City and handled more than 282,000 twenty-foot equivalent units (TEUs) last year, according to the KPA website.
AD Ports also announced it plans to increase its stake in Alexandria Container & Cargo Handling Company (ALCN), one of the largest container terminal operators in Egypt.
The port operator intends to launch a cash mandatory tender offer (MTO) of EGP22.99 ($0.48) per share to acquire close to 32 percent, following its acquisition of a 19.3 percent stake from Saudi Egyptian Investment Company, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund, for nearly $28 million.
ALCN operates two Mediterranean terminals at Alexandria and El-Dekheila, which support the Abu Dhabi-listed company’s expansion into Egypt, AD Ports said in a statement.
Under Egyptian securities exchange rules, AD Ports is required to make an MTO to all shareholders once it intends to acquire a 33 percent stake in ALCN.
Listed on the Egyptian Stock Exchange since 1995, ALCN has a combined container capacity of 1.5 million TEUs and throughput of 1.07 million TEUs. Utilisation reached 71 percent for 2024-2025.
The proposed transaction is expected to be completed in the second quarter of 2026, subject to regulatory approvals in Egypt.
Further reading:
- AD Ports records highest revenue since market debut
- AD Ports to build bulk cargo facility in Karachi
- AD Ports unit to run UAE-Oman freight rail service
AD Ports plans to inaugurate the $200 million Noatum Ports Safaga terminal in Upper Egypt in 2027 and is developing cruise terminals at the Red Sea ports of Safaga, Hurghada and Sharm El Sheikh.
This year the company signed a 50-year renewable agreement to build and operate Kezad East Port Said, a 20 square kilometre industrial and logistics park near the Mediterranean mouth of the Suez Canal.
The company’s stock closed 1 percent higher at AED4.7 on the Abu Dhabi stock exchange on Monday. The stock is down 9 percent so far this year.
AD Ports has a free float of nearly 25 percent, with the remaining stake held by sovereign wealth fund ADQ.
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