AD Ports Group and CMA CGM Group Announce Agreement to Invest AED 570 Million in New Terminal at Khalifa Port
AD Ports Group, the region’s premier facilitator of logistics, industry, and trade, and France-based CMA CGM Group, a world leader in shipping and logistics, have announced the signing of a 35-year concession agreement.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210909005619/en/
H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of Abu Dhabi Executive Council and Chairman of Abu Dhabi Executive Office, meets with officials from AD Ports Group and CMA CGM Group to witness the signing of a concession agreement between them. (Photo: AETOSWire)
Under the terms of the agreement, a new terminal will be established in Khalifa Port, the first semi-automated container port in the GCC region, which will be managed by a joint venture owned by CMA CGM’s subsidiary CMA Terminals (with a 70 percent stake) and AD Ports Group (30 percent stake). The partners are expected to commit approximately AED 570 million (USD 154 million) to the project.
A state-of-the-art terminal to accompany the growth of Khalifa Port
With construction starting in 2021, the new terminal is set to be handed over in 2024 with, in phase 1, an initial quay length of 800 metres and an estimated annual capacity of 1.8 million TEUs. AD Ports Group will be responsible for developing a wide range of supporting marine works and infrastructure. This includes up to a total of 1,200 metres of quay wall, a 3,800-metre breakwater, a fully built-out rail platform, and 700,000sqm of terminal yard.
The terminal will provide CMA CGM with a new regional hub and will enable the Group to develop its service offering between Abu Dhabi and South Asia, Western Asia, East Africa, Europe and the Mediterranean as well as the Middle East and the Indian sub-continent.
With this major investment, the CMA CGM Group pushes ahead with its global expansion strategy as a leading terminal operator. The Group currently operates 49 port terminals in 27 countries via its subsidiaries CMA Terminals and Terminal Link.
Khalifa Port, a hub for three of the world’s top four shipping companies.
CMA CGM Group is the third of the world’s top-four shipping entities to join forces with Abu Dhabi’s leading facilitator of trade, logistics and industry. The agreement confirms Khalifa Port’s standing as one of only a few major ports in the world providing hubs for three of the world’s top shipping lines, as well as serving as an instrumental part of the global maritime trade connecting markets from east to west.
CMA CGM, a committed partner to the UAE’s economy
The UAE and Abu Dhabi’s central geographical location, at the center of international trade routes, enables the CMA CGM Group to implement strategic development plans, strengthening its position in the Gulf and providing the best services to meet its customers’ needs.
Present in the UAE for 15 years, the CMA CGM Group employs around 450 people working within 10 offices to provide customers with the best maritime and logistics service solutions. The Group connects the UAE to the world with 13 weekly services to 9 ports.
H.E. Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said: “One of the key factors that has greatly contributed to the economic growth of Abu Dhabi and the UAE has been our stable economic environment that is ripe for foreign investment. Coupled with competitive free zone and business engagement initiatives that aid foreign businesses in establishing a presence in the country with ease, the UAE has become a key investment destination among many of the world’s leading players seeking to extend their reach into the Middle East.
“This landmark agreement with the CMA CGM Group is a prime example of those continued efforts and one that will significantly accelerate trade and the development of industry in the UAE and beyond.”
“As well as driving increased trade volumes through our port and elevating the UAE’s economic development, we expect the facility’s capacity and added trade links with other high-profile port destinations will drive investment into local businesses and our industrial zones, fast-track the development of key sectors including manufacturing and logistics, and raise demand for manpower.”
“This agreement will aid us to realise our long-term ambitions to become a top 10 ports, industrial, and logistics operator by expanding our capacity and growth across the region and beyond. In all, we project that over the next five years the CMA Terminals joint venture will drive the further development of the Khalifa Industrial Zone Abu Dhabi (KIZAD), while simultaneously contributing significantly to the national GDP.”
Captain Mohamed Juma Al Shamisi, Group CEO, AD Ports Group, said: “The addition of a new container terminal at Khalifa Port, which will be managed by a joint venture formed in collaboration with CMA Terminals, opens a new chapter in our organisation’s efforts to become a key facilitator of global trade, and elevates Abu Dhabi’s standing as both a regional and an international hub for maritime trade.
“With the addition of another leading worldwide shipping group company, will make Khalifa Port a hub for three of the world’s top four shipping companies. This addition creates opportunities to open trade routes to new markets in Europe, Africa, Western Asia, and South Asia. At home, we expect the presence of the shipping line terminal, which will link directly to Khalifa Port’s upcoming rail terminal and utilise its services, to accelerate trade flows moving in and out of the UAE, while also encouraging CMA CGM Group’s customers to consider establishing a presence in Abu Dhabi.”
Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said: “The ambitious project we are launching today in Abu Dhabi marks an important milestone in CMA CGM’s development strategy in the region.
This state-of-the-art terminal will contribute to enhancing Khalifa Port’s position as a leading global hub and to boosting the region's economy, accelerating trade flows in and out of Abu Dhabi.
It will also enable our Group to expand its shipping and logistics network in the region, where we see a lot of growth potential.”
To view a video on the agreement, please visit: https://youtu.be/hvW0sgIOonY.
About AD Ports Group:
About AD Ports Group:
For more information, please visit: adports.ae
About CMA CGM
Follow the CMA CGM Group on:
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
AD Ports Group
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Pencil Lab Inks Debut in ADIHEX 202125.9.2021 13:04:00 EEST | Press release
The 18th edition of the Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX) on September 27 - October 3 marks an opportune platform for Pencil Lab Design Studio’s first major participation in the massive event, the largest of its kind in the Middle East and Africa. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210925005016/en/ Pencil Lab Inks Debut in ADIHEX 2021 (Photo: AETOSWire) Featuring more than 800 brands and companies, the event is held under the theme of ‘Sustainability and Heritage… A Reborn Aspiration’, highlighting heritage, culture and authentic sports and their strong relation with Arab history. As part of its inaugural participation in a major exhibition as a company, Pencil Lab, a UAE initiative, will showcase their artworks with three large oil paintings by Pencil Lab’s citizen artist, to highlight the strong connection of arts, like painting and photography, to Arab history and civilization.
DXC Technology Completes Refinancing Actions24.9.2021 23:30:00 EEST | Press release
DXC Technology Company (NYSE: DXC) (“DXC”) today announced the completion of its refinancing. DXC previously completed the offering of €1.35 billion Senior Notes priced on September 2, 2021 and $1.35 billion Senior Notes priced on September 7, 2021. DXC completed redemption of $2.5 billion principal of (i) EUR term loan in the amount of €400 million due FY23 and FY24, (ii) $500 million 4.25% Senior notes due FY25, (iii) £250 million 2.75% Senior notes due FY25, (iv) $467 million 4.125% Senior notes due FY26, (v) $500 million 4.75% Senior notes due FY28, and (vi) $234 million Senior notes due FY30. The applicable make whole premium for these redemptions was $300 million and accrued and unpaid interest was $40 million. Ken Sharp, Chief Financial Officer, DXC commented: “Our opportunistic debt refinancing of $2.5 billion of our high coupon debt further solidifies our financial foundation by extending our debt maturities, lowering our maturity towers and reducing our ongoing interest expen
Schlumberger Announces Third-Quarter 2021 Results Conference Call24.9.2021 17:00:00 EEST | Press release
Schlumberger Limited (NYSE:SLB) will hold a conference call on October 22, 2021 to discuss the results for the third quarter ending September 30, 2021. The conference call is scheduled to begin at 9:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time. To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 8858313. A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until November 22, 2021, and can be accessed by dialing +1 (866) 207-1041 within North America or +1 (402
Tradeweb Successfully Completes its First Southbound Bond Connect Transactions24.9.2021 15:07:00 EEST | Press release
Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, today announced it has completed its first Southbound Bond Connect transactions via the trading link between Tradeweb and China Foreign Exchange Trade System (CFETS). “Southbound Bond Connect is the latest evolutionary step for China’s financial market, providing domestic investors with more flexibility and choice when trading offshore bonds,” said Lee Olesky, CEO of Tradeweb Markets. “Together with CFETS, our goal is to better meet onshore investors’ demand for streamlined access to global investment. We will continue to focus on further enhancing the trading link by deploying new innovative trading functionality, just as we did with the Northbound leg of Bond Connect.” Southbound Bond Connect facilitates fixed income portfolio diversification for institutional investors in China. Tradeweb collaborates closely with CFETS to create a uniform trading ex
H.I.G. Capital Acquires Aspire Pharma24.9.2021 15:05:00 EEST | Press release
H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with $45 billion of equity capital under management, is pleased to announce that one of its affiliates has acquired Aspire Pharma Limited (“Aspire” or the “Company”), a leading UK provider of niche generic and branded specialty pharmaceuticals, alongside its founder Graham Fraser-Pye. The financial terms of the transaction have not been disclosed. Aspire licenses and develops niche generic and specialty pharmaceutical products that offer innovative formulations, value for money for payors, and reliable supply arrangements in markets that are often underserved. The business holds leadership positions in urology, ophthalmology, CNS and dermatology, with a highly diversified portfolio of more than 250 products across multiple categories, including branded specialty products and unbranded niche generics. H.I.G., together with the management team, aims to continue Aspire’s strong track record of organic growth and
Swappable Announces Partnership with Esports T1's Dota 2 Team24.9.2021 14:34:00 EEST | Press release
Swappable, an NFT (Non-Fungible Token) interface for high-profile and exclusive digital collectibles, has announced its partnership with T1's Dota 2 team, the popular esports team for the upcoming International 10 - Dota 2 World Championship in Bucharest, Romania. T1 is not just an esports team but a pop culture phenomenon with millions of fans worldwide. The team embodies a blend of lifestyle, creativity and attitude, fresh from the source of Seoul & LA. As part of the collaboration, T1 will auction their first-ever NFTs (digital collectibles) on Swappable for T1’s Genesis Collection. With the first auction starting Friday September 24th, T1 will release a series of NFTs each possessing utility features such as special access to T1's Dota 2 team players and more. Visit Swappable for more information. “We are excited to partner with a leading organization in the esports industry. It is also a chance for T1 fans to pick the very first digital collectibles ever created by this legendary
SAB Biotherapeutics Announces SAB-185 Receives Positive DSMB Review and Advances to Phase 3 in NIH-Sponsored ACTIV-2 Trial for Treatment of COVID-1924.9.2021 14:00:00 EEST | Press release
SAB Biotherapeutics (SAB), a clinical-stage biopharmaceutical company with a novel immunotherapy platform that produces specifically targeted, high-potency, fully-human polyclonal antibodies without the need for human donors, today announced that an independent Data Safety Monitoring Board (DSMB) has completed its prespecified interim analysis data review of the safety and efficacy of SAB-185 in the Phase 2 portion of the ACTIV-2 trial and has recommended advancement to Phase 3. SAB-185 is a fully-human, specifically-targeted, broadly-neutralizing polyclonal antibody therapeutic candidate for the treatment of non-hospitalized patients with mild to moderate COVID-19. It is being assessed in the ACTIV-2 trial funded and conducted by the National Institute of Allergy and Infectious Diseases (NIAID), part of the US National Institutes of Health (NIH) in collaboration with the AIDS Clinical Trials Group. SAB-185 is advancing to the Phase 3 trial based on meeting pre-defined graduation crite
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom