AD Ports Group announced it has completed the biggest corporate restructuring in its history with the integration of Noatum Group into the AD Ports structure.
The UAE-based group announced its acquisition of Spanish freight forwarder Noatum in July 2023 for €660 million.
Noatum Group’s maritime operating unit has become a new business in SAFEEN Group, renamed Noatum Maritime, and Noatum Terminals has become a part of newly established Noatum Ports, which will handle all of AD Ports Group’s international port operations.
Noatum Logistics has led the Middle East port group’s logistics cluster since the completion of the acquisition in July 2023.
AD Ports Group also announced the recent refinancing and upsizing of its revolving credit facility, extending the credit line to $2.13 billion from $ 1billion. The facility was 2.5 times oversubscribed, claimed the group, has improved margins, lower financing costs, and an extended maturity from 2026 to 2028, with an option to extend to 2030. The group’s pool of banks has extended from nine to 18, it added.
In September 2024, AD Ports Group refinanced $2.25 billion of debt with two UAE banks to take advantage of lower interest rates, saving up to $12 million over 12 months. A $2.25bn facility was replaced with a $2.5 billionn 2.5-year maturity facility and a further $273m facility with a 1.5 year time to maturity.
The group’s net debt stood at AED15.4 billion ($4.19bn) at the end of the third quarter 2024, up from AED11.4bn at the same point in 2023.
AD Ports Group has 33 terminals and activities in more than 50 countries, with more than 550 sq km of economic zones within KEZAD Group. The company is 75%-owned by Abu Dhabi sovereign wealth fund ADQ.
Captain Mohamed Juma Al Shamisi, Group CEO and Managing Director, AD Ports Group, said: “The successful integration of Noatum’s assets marks a major milestone in the corporate development of AD Ports Group, which has evolved under the wise vision of our leadership into a premier global provider of trade, transport and logistics services. The addition of Noatum’s international brand equity, global networks, customer relationships and assets has not only strengthened and broadened the economic horizons of our Group, but it has positioned AD Ports Group for its next stage of growth.
“We are now entering our next phase of delivering AD Ports Group’s strategy and enabling streamlined execution of our ambitious plans. By fully leveraging the new additions to our Group, we will unlock the full potential of these mergers and acquisitions through synergies that solidify our competitive edge and ensure our continued leadership in existing and new global markets.’’
