Abu Dhabi port operator acquires stake in Egyptian shipping firms
Gulf countries are interested in buying Egyptian assets as the country’s economy falters.
The Abu Dhabi-based port operator AD Ports Group has acquired a stake in two Egyptian companies.
AD Ports Group announced today agreements to acquire a 70% stake in International Associated Cargo Carrier B.V., which owns the Egyptian shipping company Transmar and the Egyptian cargo company TCI. AD Ports Group paid just under $140 million for the stake, according to a series of tweets.
