Strategic Investment Extends the Range of Maritime Services Available to Customers and Strengthens Group’s Market Position
Abu Dhabi, UAE – February 28, 2022: AD Ports Group today announced that it has acquired Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider that offers a range of services including installation, inspection, repair and maintenance for ports and other maritime organisations.
The acquisition and integration of the company into AD Ports Group will extend the range of services offered by the Group’s maritime cluster, placing it in a strong position to generate significant commercial, operational, and financial synergies.
The 100% acquisition will be fully funded from AD Ports Group’s existing cash reserves. Divetech delivered revenue of AED 87 million and EBITDA of AED 20 million in 2021.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Our acquisition of Divetech represents an important strategic opportunity for growth, enabling us to integrate a dynamic company with a significant pipeline of potential new business into our operations. This acquisition also enables our Maritime Cluster to provide a fully holistic service offering that includes undersea inspection, maintenance and repair.”
Capt. Maktoum Al Houqani, Chief Corporate Authority Officer and Acting Head of Maritime Cluster, AD Ports Group, said: “This acquisition provides a strong strategic fit for our existing portfolio of services and our plans for growth. Divetech is a leader in diving and marine services in the UAE, with a well-respected track record and diverse customer base. It has also delivered impressive top-line growth over the last three years.”
Photo Caption: Subsea repair and maintenance services provided by Divetech Marine Engineering Services.
About AD Ports Group:
Established in 2006, AD Ports Group today serves as the region’s premier facilitator of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange (ADX: ADPORTS), AD Ports Group’s vertically integrated business approach has proven instrumental in driving the emirate’s economic development over the past decade.
Operating several clusters covering Ports, Economic Cities & Free Zones, Maritime, Logistics, and Digital, AD Ports Group’s portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within KIZAD and ZonesCorp, the largest integrated trade, logistics, and industrial business grouping in the Middle East.
AD Ports Group is rated A+ by S&P and A+ by Fitch.
For more information, please visit: adportsgroup.com
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