AD Ports Group to acquire an additional 32% stake in ALCN from PIF.

AD Ports Group, a global enabler of integrated trade, industry and logistics solutions, agreed to acquire an additional 32% stake in ALCN, a specialized container handling company in Egypt, from PIF, the sovereign wealth fund of Saudi Arabia. Financial terms are not disclosed. Ports Group, stated: “By acquiring a majority stake in ALCN, we would be maximising our engagement and expanding our operational footprint along one of the world’s most critical maritime routes. This investment would support our efforts to facilitate trade through this vital corridor, while deepening our partnerships and expanding our investments in Egypt, one of our fastest growing foreign markets," Mohamed Juma Al Shamisi, AD Ports Group Managing Director and Group CEO.