By: AGBI

AD Ports Group has acquired a 19 percent stake in Alexandria Container & Cargo Handling Company (ALCN), one of the largest container terminal operators in Egypt, for nearly $28 million (EGP 13.24 billion).

The stake was purchased from Saudi Egyptian Investment Company (SEIC), a wholly owned subsidiary of the Public Investment Fund, AD Ports said in a statement to the Abu Dhabi Securities Exchange.

The move will enhance the Abu Dhabi port operator’s ability to facilitate trade flows along the main East-West corridor connecting Asia, the Middle East and Europe.

ALCN recorded a 194 percent increase in total operating revenue between 2022 and 2025 since SEIC’s investment in August 2022.

Established in 1984 and listed on the Egyptian Exchange since 1995, ALCN operates two terminals on the Mediterranean in Alexandria and El-Dekheilla. They have a combined capacity of 1.5 million 20-foot equivalent units (TEUs), a throughput of 1.07 million TEUs, and a utilisation rate of about 71% in 2025. 

Together, the terminals comprise approximately 1.6 km of quay length and are directly connected to Egypt’s national rail network. ALCN reported revenue of EGP 8.37 billion ($168 million) in fiscal year 2025.

AD Ports funded the transaction through a combination of existing cash and debt, the statement said. 

Mohamed Juma Al Shamisi, managing director and group CEO of AD Ports, said the stake in ALCN will expand its operational footprint in one of the world’s most critical maritime routes. 

“This investment supports our efforts to facilitate trade through this vital corridor, while deepening our partnerships and expanding our investments in Egypt,” he said.

SEIC’s acting chief executive Muteb Al Shathri said it will use the proceeds to pursue additional investment opportunities in Egypt.

In August 2022, SEIC acquired minority stakes in four publicly listed Egyptian companies for $1.3 billion – Abu Qir Fertilizers and Chemicals Industries, Misr Fertilizers Production, Alexandria Container and Cargo Handling, and E-Finance for Digital and Financial Investments.

Shares in AD Ports closed 0.67 percent higher at AED4.51on ADX on Thursday. The stock is down 13 percent so far this year.

AD Ports has a free float of nearly 25 percent, with the remaining stake held by sovereign wealth fund ADQ.