Abu Dhabi’s state-run Mubadala Investment Company and Mubadala Infrastructure Partners are selling their combined 50% stake in Abu Dhabi Terminals to the remaining shareholder, Abu Dhabi Ports, for an undisclosed amount.
Established in 2006, Abu Dhabi Terminals operates and manages a 30-year concession at Khalifa Port Container Terminal, which it secured in 2012 from Abu Dhabi Ports. “We are committed to continuing ADT’s growth and attracting more shipping lines to use Khalifa Port as their main hub port, consolidating its central role in Abu Dhabi’s port system and economy,” said Capt. Mohamed Juma Al Shamisi, chief executive of Abu Dhabi Ports, following the announcement of Mubadala’s withdrawal.
In another important development, last month Abu Dhabi Ports and the Jiangsu Provincial Overseas Cooperation and Investment Company (JOCIC) announced that 15 Chinese companies have now signed agreements to invest a total of US $1 billion into the Khalifa Port Free Trade Zone (KPFTZ).
Under the terms of an agreement signed last year, China-UAE Industrial Capacity Cooperation (Jiangsu) Construction Management, a UAE company established by JOCIC, is to occupy and develop approximately 2.2 km2 of the free trade zone for companies from the Chinese province of Jiangsu. This area, now referred to as the China-UAE Industrial Capacity Cooperation Industrial Park, is part of the KPFTZ. Abu Dhabi Ports and JOCIC also announced that the preliminary work required before the commencement of construction will soon be completed and will shortly be followed by an official ground-breaking ceremony.
Captain Shamisi added, “Our strategic partnership with JOCIC has been pivotal in cementing our position in the Chinese market and enhancing our competitive advantage. Last year, Abu Dhabi Ports and JOCIC took the first steps to a promising future relationship that will bolster economic and trade ties between our two countries even further in addition to supporting each nation’s growth strategy.”