AD Ports Group completes acquisition of Noatum

Monday, 3 July 2023 06:16

By Reuters

Abu Dhabi Ports Group has completed its acquisition of Noatum, a global logistics services provider operating in 26 countries, after obtaining approval from regulatory bodies.

The acquisition was valued at AED 2.65 billion and brings together two major players in the trade and logistics industry.

Noatum will lead AD Ports Group's Logistics Cluster, integrating its businesses and team of 2,800 professionals.

The acquisition expands AD Ports Group's global reach and services, generating synergies in revenue, cost savings, purchasing, best practices, market expertise, and technology adoption.

The acquisition was announced in November 2022 and has now received all necessary regulatory approvals.

More from Business

UAE Central Bank support package reaches AED 6.2 billion

The Central Bank of the UAE (CBUAE) has announced the key outcomes of its comprehensive support package designed to strengthen the resilience of financial institutions.
Dubai Holding picks 15 scale-ups from 1,400+ applicants for sustainability challenge

Dubai Holding, a diversified global investment company with investments in more than 30 countries, has announced the 15 bold scale-ups selected for its 'Innovate For Tomorrow' impact accelerator programme.
ADNOC backs UAE's AED1 billion National Industrial Resilience Fund

ADNOC has become the first partner to support the UAE Cabinet's newly announced AED1 billion National Industrial Resilience Fund (NIRF) following a trilateral agreement signed at the 'Make it in the Emirates' 2026.
Trump sets deadline for EU to comply with trade deal or face 'much higher' tariffs

US President Donald Trump has announced on Thursday that he would give the European Union until July 4 to implement trade deal commitments before he raises tariffs on EU goods, including cars, to "much higher levels."