Cairo – August 18, 2024: UAE logistics company, Noatum Maritime, recently secured a majority stake in Safina, a leading provider of maritime agency and cargo services in Egypt.
Safina will be rebranded as Noatum Maritime Egypt and integrated into Noatum’s extensive international network, providing it with greater access to diverse industries and new customers, according to a company release.
An AD Ports Group’s subsidiary, Noatum aims to enhance its service offerings and strengthen its presence in key markets across Egypt, the Middle East, and North Africa.
The deal is expected to close in Q3 2024.
The financial details of the acquisition, including the size of the stake and the deal’s total value, have not been disclosed.
The acquisition follows AD Ports’ 2022 purchase of a 70 percent stake in Safina’s parent company, IACC Holdings, and complements Noatum’s broader expansion strategy, which includes recent investments and new office openings across the MENA region.
Terry Gidlow, CEO of Noatum Maritime, commented on the acquisition, stating, “Welcoming Safina into the Noatum Maritime family aligns perfectly with our vision for growth. The move enhances our presence in key markets and enables us to strengthen our service offering across Egypt, the Middle East, and North Africa. By leveraging Safina's four decades of experience and local expertise, we aim to further optimize our operations, strengthen customer relationships, and drive sustainable growth.”
Safina operates from 6 strategic locations across Egypt, including its headquarters in Cairo, providing essential services across 15 Egyptian ports, including major hubs like Sokhna, Adabiya, Damietta, Port Said, and Alexandria.
The founders of Safina will retain a minority stake in the business and continue to support the company’s growth under its new branding as Noatum Maritime Egypt, the release noted.
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