AD Ports’ Maqta Gateway acquires majority stake in Dubai Technologies
- 06 Feb 2024
AD Ports Group announced on Tuesday that Maqta Gateway, its digital arm and enabler of cutting-edge trade digitalisation solutions, has acquired a 60 per cent equity stake in Dubai Technologies, a trade and transportation solutions’ developer headquartered in Dubai.
The total purchase consideration for the 60 per cent shareholding amounts to Dhs28 million.
The company’s FY2023 financial performance recorded revenues of Dhs70.5 million and EBITDA of Dhs8.4 million.
The company has developed an intelligent ports’ operations management platform - Minato, four transportation platforms, and nine white-label solutions that are custom-built for regional digitally focused government bodies. All solutions are built in-house by the company’s 300+ team members working collaboratively across the UAE and India.
Minato is currently utilised by international port operators and includes the highly coveted advanced digital twin technology for ports. It will be a great addition to Maqta Gateway’s in-house single window offering for ports’ digitalisation, in addition to realising cost synergies for the Group with its gradual implementation across all international ports managed by AD Ports Group.
The company’s transportation platform comprises fleet management, passenger transportation, smart driving analytics, and waste transportation management, which can be leveraged by the Group to enhance logistics efficiencies in hinterland and industrial zones’ operations.
Besides broadening its digital trade portfolio, with this acquisition, Maqta Gateway will extend its inhouse capabilities, realise cost synergies and further strengthen its position as the developer of leading-edge digital trade solutions. Their offshore development expertise will be of great value as Maqta Gateway continues to expand internationally. Maqta Gateway has an R&D hub in Vietnam following the successful acquisition of TTEK Inc.
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said, “This acquisition reflects our strategic plans aimed at boosting AD Ports Group’s position as an integrated digital trade solutions’ provider to core markets, while increasing self-reliance for critical technologies to our business. It also reiterates our commitment to harness the power of emerging technologies that move us closer to our ambition of developing an integrated digital portfolio of innovative trade solutions that future-proof supply chains.
“The extended technical capabilities acquired through this investment will be instrumental in delivering a more differentiated service to international markets. We also look forward to leveraging cost synergies, offering superior operational efficiencies, and unmatched solutions to our partners and stakeholders.”
Dr. Noura Al Dhaheri, CEO of Digital Cluster and CEO of Maqta Gateway, AD Ports Group, said, “Dubai Technologies has three decades of expertise in delivering best-in-class trade and transportation solutions to government and large enterprises. We are confident that the addition of these solutions to our portfolio and the access to this unrivalled expertise will open up prospects to enhance our customer base, better serve our existing customers, and spur growth plans. This acquisition is yet another milestone in our journey as we forge ahead to be the leading global trade facilitator under the auspices of our wise leadership.”
Ahmed Alrafi, Founder of Dubai Technologies, supported the acquisition, saying, “This is truly a pivotal moment for us at Dubai Technologies. Becoming a part of Maqta Gateway and AD Ports Group will enable wider access to international markets and bigger opportunities, adding fuel to our ambition of connecting people and making the world smarter, sustainably. We are proud of what we have achieved so far and look forward to collectively shaping the future of trade and technology.”
The founder will retain a 40 per cent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
Meanwhile AD Ports Group, a global leader in trade, logistics, and industry, on Saturday announced the signing of a new concession agreement for Bulk and General Cargo operations with Karachi Port Trust (KPT), the Pakistani federal government agency that oversees the operations of the Port of Karachi.
Under the terms of the 25-year concession agreement, Karachi Gateway Terminal Multipurpose Limited (KGTML), a Joint Venture between AD Ports Group, as a majority shareholder, and Kaheel Terminals, a UAE-based company, will develop, operate and manage the Bulk and General Cargo terminal berths 11-17 at Karachi Port’s East Wharf, further enhancing Karachi’s position as a key player in the maritime industry.