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Noatum, a subsidiary of Abu Dhabi based AD Ports Group, has acquired a majority stake in Egyptian shipping agency, Safina B.V.
The deal is expected to close in Q3 2024, the ADX listed ports group said on Friday. It didn't disclose the financial terms of the acquisition or the size of the stake.
Safina, which operates in both Mediterranean and Red Sea Egyptian ports, will be rebranded as Noatum Maritime Egypt. It will be integrated into the Noatum Maritime ecosystem.
Its founders will retain a minority stake in the business and continue to support the growth of the company.
(Writing by Brinda Darasha; editing by Seban Scaria)
