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International Shipping
AD Ports Group achieves historic milestones in 2021 with strong growth
Date:2022-01-06 Readers:
ABU Dhabi Ports (AD Ports) Group emerged from a challenging 2020 to build a strong trajectory of growth throughout 2021, achieving a series of historic milestones.

AD Ports closed 2021 with the signing of a number of strategic agreements with the Aqaba Development Corporation for the development of tourism, logistics, transport and marine-related enhancement projects in Aqaba, Jordan.

The strategic partnerships concern the development of Marsa Zayed, a cruise terminal, and the development of an advanced digital Port Community System, along with exploring the development and modernisation of a multipurpose port and King Hussein International Airport.

The group reported a solid operational and financial performance throughout the year, and this is apparent in its financial performance for the first nine months of 2021. The Group achieved revenue growth of 22 per cent year on year to AED2.791 billion (US$760 million) compared with AED2.295 billion in the same period last year, driven by volume growth, business diversification and new partnerships.

Container throughput grew to 2.47 million TEU in the first nine months of 2021, up from 2.42 million TEU in the same period in 2020, despite the ongoing supply constraints faced in the global shipping and container market.

AD Ports received global interest in its successful issuance of a $1 billion bond and subsequent listing on the Abu Dhabi Securities Exchange (ADX) and London Stock Exchange (LSE). Announced in the first half of 2021, the issuance at the time was more than 4.5 times oversubscribed at its peak.

The year 2021 also saw the completion of an extensive rebranding exercise that not only resulted in a new brand name but also a strategic reorganisation of the group's portfolio.

The group also signed several breakthrough partnerships to accelerate trade and the development of industry in the UAE and beyond, including working closely with Abu Dhabi National Oil Company (Adnoc) to enhance safety across Abu Dhabi's waterways and collaboration with France-based CMA CGM Group to invest AED570 million in a new terminal at Khalifa Port.

AD Ports Group's Offshore Support and Logistics Services Company (OFCO - Offshore International) acquired seven support vessels to extend the group's capabilities in providing highly efficient and cost-effective onshore and offshore integrated logistics solutions and subsea services.

Falah Mohammad Al Ahbabi, chairman, AD Ports Group, said: "AD Ports Group entered 2021 with a clear vision for strategic growth and to take Abu Dhabi and the UAE's economic prowess to new heights. In line with the leadership's long-term vision, we have spent the past year forging considered partnerships and realising ground-breaking projects across our organisation and assets that have greatly extended our influence on regional trade and industry.

"In the new year, the ongoing development of our maritime, industrial, and logistics capabilities will enable us to meet the future demand of a digitally-driven market and non-oil economy," Mr Al Ahbabi added, reports TradeArabia News Service.
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