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UAE-headquartered AD Ports Group has acquired the Saudi Egyptian Investment Company’s (SEIC) 19.328 percent equity stake in EGX-listed Alexandria Container & Cargo Handling Company (ALCN) in a deal valued at about 13.2 billion Egyptian pounds ($273 million), the Abu Dhabi-based port operator said on Monday.
SEIC, an investment arm of Saudi Arabia’s Public Investment Fund (PIF), had acquired the ALCN stake in 2022.
AD Ports said in a statement that the acquisition will enable it to expand its footprint along the main East-West shipping corridor linking Asia, the Middle East and Europe.
ALCN, established in 1984 and listed on the Egyptian Exchange since 1995, operates two Mediterranean terminals in Alexandria and El-Dekheila with a combined capacity of 1.5 million twenty-foot equivalent units (TEUs). The two terminals handled 1.07 million TEUs in fiscal 2025, with utilisation at roughly 71 percent.
The terminals together comprise around 1.6 km of quay length and are directly connected to Egypt’s national rail network. ALCN generated revenue of EGP 8.37 billion ($168 million) and adjusted EBITDA of EGP 6.09 billion ($129 million) in FY 2025.
Since 2022, AD Ports Group has invested significantly in Egypt, acquiring Transmar, a regional shipping company, TCI, a port operator and stevedoring company, and in 2024, Safina B.V., a provider of maritime agency and cargo services.
In May 2025, the Group signed a 50-year renewable usufruct agreement with General Authority for Suez Canal Economic Zone (SCZONE) to develop and operate a 20 square kilometre (sq km) industrial and logistics park near the coastal city of Port Said on the Mediterranean Sea.
in June 2024, AD Ports Group signed a 15-year concession agreement with Red Sea Port Authority (RSPA) to operate and manage three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh ports with the operator committing to invest $3 million over the concession period. The Group also signed two 30-year concession agreements with SCZONE for the development, management, and operations of a Ro-Ro terminal and a cruise terminal at Sokhna Port
In December 2023, the company had obtained a 30-year concession from RSPA to build and operate Safaga multipurpose terminal project at a total investment of $200 million.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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