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AD Ports earmarks $379m investments for Angolan port

AD Ports earmarks $379m investments for Angolan port
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Abu Dhabi – Mubasher: AD Ports Group penned agreements with Unicargas and Multiparques to serve the facility and the broader Angolan logistics market

AD Ports will acquire an 81% stake in a joint venture (JV) that will operate the terminal in addition to a 90% shareholding in another JV to endorse the country’s maritime sector, according to a press release.

The group secured a 20-year concession agreement with the Luanda Port Authority for the operation and upgrade of the existing Luanda multipurpose port terminal in Angola.

The ADX-listed firm committed $251 million towards the modernisation of the terminal and development of the logistics business over the next three years.

Moreover, it increased the investments to $379 million over the concession term and in line with market demand.

Through its Maritime & Shipping Cluster, AD Ports is exploring opportunities to back Angola’s offshore industry and other maritime sectors.

Ricardo Daniel Sandão Queirós Viegas de Abreu, Angola’s Minister of Transport, said: “Through our strategic partnership with AD Ports, which is part of a broader effort involving multiple first-class stakeholders, we will transform the port into a modern, multi-faceted facility that will significantly enhance our logistic capacities and stimulate economic growth across Central-West Africa.”

“This collaboration marks a significant milestone in our mission to modernise infrastructure and expand global trade access, promising a prosperous future for Angola and its partners,” the minister added.

Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, commented: “Supported by the vision of our wise leadership, the multipurpose terminal will be modernised to attract business from leading global shipping lines and offer the highest levels of service efficiency and quality, thereby benefitting our nations, partners, stakeholders and customers.”

Joaquim Nazaré Pimentel da Piedade, Unicargas Management Committee Coordinator, said: "At Unicargas, we view our partnership with AD Ports Group as a transformative opportunity to leverage global expertise and resources, to accelerate the modernisation and expansion of the Port of Luanda and logistics infrastructure.”

Mohamed Eidha Tannaf Al Menhali, Regional CEO of AD Ports, indicated: “We look forward to working with Unicargas and Multiparques’ local management and on-ground teams to leverage our respective expertise and capacities to ensure a smooth transition and bring new opportunities for business growth and development.”

Last March, the UAE-based group acquired a 60% equity ownership in the Tbilisi Dry Port in Georgia.