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Maqta Gateway, the digital arm of AD Ports Group, which is backed by the Abu Dhabi wealth fund ADQ, has acquired a 60% equity stake in Dubai Technologies, a trade and transportation solutions’ developer, for 28 million dirhams ($7.6 million).
The total purchase consideration includes deferred and performance-linked earnout payments, the Abu Dhabi Stock Exchange-listed AD Ports Group said in a regulatory filing on Tuesday.
Dubai Technologies' FY2023 financial performance recorded revenues of AED 70.5 million and EBITDA of AED 8.4 million. It will retain 40% stake in the company and the existing leadership team will remain in management.
The acquisition is set to add to Maqta Gateway’s inhouse single window offering for ports’ digitalisation.
Maqta Gateway has an R&D hub in Vietnam following the successful acquisition of TTEK Inc.
AD Ports Group, which raised over $1 billion in an IPO in early 2022, operates the deepwater Khalifa Port in the Abu Dhabi emirate and Fujairah port. It also operates a facility in Guinea and plans to build a new Red Sea port in Sudan. Earlier this week it signed a new concession agreement for Bulk and General Cargo operations with Karachi Port Trust (KPT), the Pakistani federal government agency that oversees the operations of the Port of Karachi.
(Writing by Brinda Darasha; editing by Daniel Luiz)
