Noatum Acquires Egypt’s Maritime Service Provider Safina
Noatum, an AD Ports Group company listed on Abu Dhabi Securities Exchange (ADX) on Friday said that it has acquired a majority stake in Safina B.V., a leading provider of maritime agency and cargo services in Egypt and across the Middle East region.
The deal is expected to close in Q3 of 2024 and the financial details were not disclosed. The acquisition by Noatum Maritime leverages Safina’s expertise, capacity and reputation in Egypt’s maritime agency market, Noatum said in a regulatory filing this morning.
The acquisition of Safina is a significant step for Noatum Maritime in its ongoing expansion across the Mediterranean, which recently included the launch of its offices in Turkiye.
Along with its growth in the Middle East region, which represents a key market for the company’s global strategy, the move also integrates well into AD Ports Group’s broader presence in Egypt, which was recently marked with signing of concession agreements for the management and operation of cruise and Ro-Ro terminals at Safaga, Hurghada, Sharm El Sheikh and Sokhna ports, Noatum said.
Safina has evolved as a key player in the Egyptian maritime industry, offering comprehensive agency services and maritime logistics to shippers serving the metals, minerals, and fertilisers sectors.
With Noatum’s extensive international network, Safina will be in an excellent position to access new customers from more diverse industries and strengthen its local presence.
As a well-established shipping agency, Safina is situated across six strategic office locations, including its headquarters in Cairo which allows it to provide agency services across 15 Egyptian ports, offering liner and tramp agency services as well as transit services through the Suez Canal.
Safina’s Market Share
Safina enjoys a sizable market share in both Mediterranean and Red Sea Egyptian Ports, inclusive of Sokhna, Adabiya, Damietta, Port Said and Alexandria.
Terry Gidlow, CEO, Noatum Maritime, Noatum, Logistics Cluster, AD Ports Group, said that welcoming Safina into the Noatum Maritime family aligns perfectly with their vision for growth.
“The move enhances our presence in key markets and enables us to strengthen our service offering across Egypt, the Middle East and North Africa, providing for greater flexibility and opportunities to meet our customers’ needs. By leveraging Safina’s four decades of experience and local expertise, we aim to further optimise our operations, strengthen customer relationships, and drive sustainable growth.” He said.
Safina will be rebranded as Noatum Maritime Egypt in due course and 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.
It may be recalled that AD Ports Group completed the acquisition of a 70% equity stake in Egypt’s International Associated Cargo Carrier (IACC) for $140 million as part of its international expansion, in September 2022.
In January this year, AD Ports Group said that it will invest $200 million in Safaga Port in Egypt over three years, aimed at developing a state-of-the-art facility and will be the first internationally operated port serving the Upper Egypt region.
The terminal, of approximately 810,000 sq m, will feature a 1,000-metre quay wall and will handle dry bulk, liquid bulk, containerised cargo, and ro-ro vessels.
