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Ignacio Lillo
MALAGA.
Monday, 21 November 2022, 15:05
Persian Gulf countries are maintaining their interest in Malaga Port. First it was the Al Alfia fund from Qatar, with the development of the tower and the San Andrés marina, and now the multinational Abu Dhabi Ports (AD Ports) from the United Arab Emirates has ... taken over the container terminal at quay number nine.
The firm has done this by acquiring Noatum, which holds the concession for this major logistics centre, in its entirety, a move which is seen as an opportunity to increase maritime connections for goods with these wealthy countries, especially in terms of exports.
The transaction, which includes all Noatum’s international business, mainly in Spain and Turkey but also the USA, UK, China and South-east Asia, has cost 660 million euros, AD Ports has said.
The operation is subject to approval by regulators and it is hoped that it will come into effect in the first half of next year. The current management of Noatum will continue to run the company, which has a workforce of over 2,600, for a period of three years to ensure a smooth transition.
The president of AD Ports, Falah Mohammed Al Ahbadi, said this will place his company as “one of the most significant players at a global level in the logistics of new vehicles, which is something we want to expand in our country and our principle markets”.
AD Ports is a young company, created in 2006 as the first logistics, industrial and commercial business in the region and a “bridge to connect Abu Dhabi with the world”.
Noatum was created in 1963, the result of the acquisition of the port división of Dragados by investment bank JP Morgan and other investors. It has an income of 1.8 billion euros and gross profits of 145 million euros, mostly from business in Europe and the USA.
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