SRC, Al-Rajhi Bank sign $1.54bn deal to boost residential real estate

SRC, Al-Rajhi Bank sign $1.54bn deal to boost residential real estate
SRC, Al-Rajhi Bank sign $1.54bn deal to boost residential real estate

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Jeddah - Yasmine El Tohamy - RIYADH: Abu Dhabi Ports Group has expanded its operational capacity with the acquisition of Spain’s APM Terminals Castellón for €10 million ($10.93 million) through a subsidiary.      

The deal was carried out by Noatum Terminals, the operations division of the Noatum Group, a fully-owned unit of the Emirati holding company.    

The takeover is aimed at modernizing and maintaining existing facilities and equipment, according to a press release.   

Following the acquisition of APM Terminals, Noatum’s total capacity at Castellón reached 250,000 sq. meters, with an annual capability of handling 250,000 twenty-foot equivalent units, constituting approximately 70 percent of the port’s container volume bulk.  

Joaquin Ramon Lestau, CEO of Noatum Terminals, Noatum, Logistics Cluster at AD Ports Group, said: “With this acquisition, we strengthen our position as a leading multipurpose port operator in the Western Mediterranean region.”  

Lestau added: “Noatum Terminals is committed to providing dedicated service, in line with the Noatum Group’s quality standards, to both existing and new customers, while making the necessary investments for the terminal’s operations to run smoothly and efficiently well into the future.”   

Moreover, the two terminals, with a capacity to handle 2 million tons of bulk cargo and roll-on and roll-off operations, cater to the Mediterranean, Middle East, and North Africa regions. They are directly linked to the hinterland through rail connections. 

This strategically places the port in a more competitive position to attract volumes and serve a diverse range of industry sectors. 

The acquisition empowers Noatum Terminal Castellón to enhance its operational capacity for bulk, general cargo, and container processing. It also involves maintaining APM Terminals’ third-party services and agreements at the facility.   

Notably, the Castellón region stands as one of the world’s leading producers of tiles, with 80 percent of the manufactured tiles designated for export. 

In November 2023, AD Ports Group significantly enhanced its offshore and subsea capabilities, increasing by approximately 20 percent, through the acquisition of 10 vessels valued at $200 million from E-NAV, the international offshore vessel operator.   

“The expansion of our offshore fleet is a significant move in our strategic objective to fortify and enhance our Middle East and Southeast Asia footprint,” AD Ports Group CEO Mohamed Juma Al-Shamisi said in a statement at that time.   

He added: “We recognize the increasing demand in the energy sector; thereby, through bolstering our fleet, our group is better positioned to demonstrate our role as a premier offshore service provider within these regions.”    

This move comes in response to projections of a positive trend in the offshore oil and gas market over the medium to long term.

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