AD Ports Group Secures 20-Year Luanda Port Deal
AD Ports Group Finalizes 20-Year Contract to Manage and Enhance Angola’s Luanda Port Terminal.
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AD Ports Group, based in the UAE, has committed to a 20-year contract to manage and enhance the Luanda port terminal in Angola, with an option to extend for an additional 10 years. This strategic agreement involves a substantial investment of $251 million over the next three years for the terminal’s modernization and logistics business expansion.
In collaboration with Unicargas and Multiparques, prominent logistics and transport companies in Angola, AD Ports Group has also acquired significant shares in two joint ventures. These ventures will oversee the operations at the terminal, with AD Ports Group holding an 81% stake in one and a 90% stake in another.
The overall investment could rise to $379 million, subject to market demand over the duration of the concession. According to Capt. Mohamed Juma Al Shamisi, Managing Director and CEO of AD Ports Group, the updated terminal will draw business from leading global shipping lines by offering top-tier service efficiency and quality.
Ricardo Daniel Sandão Queirós Viegas de Abreu, Angola’s Minister of Transport, highlighted the Port of Luanda’s vital role in regional trade and economic vitality. The partnership with AD Ports Group aims to transform the port into a sophisticated, multifunctional facility that boosts logistical capabilities and stimulates economic growth throughout Central-West Africa.
The redevelopment of the terminal is projected to be complete by the third quarter of 2026. The Port of Luanda, handling over 76% of Angola’s container and general cargo, is essential for the nation’s economy and is positioned to support expected growth in container volumes.
It also serves as a crucial transshipment hub for Central-West Africa, facilitating maritime trade for landlocked countries like the Democratic Republic of Congo and Zambia.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Total income was higher by 10% year-on-year (YoY) at AED 300 million in the six-month period
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United Arab Bank PJSC (UAB or “the Bank”) has announced its financial results for the six months ended 30th June 2024. UAB reported a net profit before tax of AED 152 million for H1 2024, a 26% increase compared to AED 121 million for H1 2023. The net profit after tax for H1 2024 stood at AED 139 million, up 15% from AED 121 million in the same period last year. Earnings per share rose to AED 0.07 in H1 2024 from AED 0.06 in H1 2023.
Total income increased by 10% year-on-year to AED 300 million for H1 2024, compared to AED 273 million for H1 2023, driven by a 26% increase in net interest income. The Bank’s capital position remains strong with a CET1 ratio of 13% and a total capital adequacy ratio (CAR) of 18%.
UAB‘s liquidity profile is robust, with advances to stable resources ratio of 75% and an eligible liquid asset ratio of 19%, both comfortably above regulatory thresholds. The Bank’s credit ratings were affirmed by Fitch and Moody’s at BBB+/Ba1, with stable and positive outlooks respectively.
UAB’s performance in the first half of 2024 demonstrates significant growth in total assets, increasing by 12% compared to December 2023, and reflects a strategic focus on quality and farsighted risk management. These results indicate that the Bank is well-positioned to continue its growth trajectory.
Commenting on the Bank’s performance, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: “UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders. We are confident that our prudent business model shall continue to deliver a solid performance and deal with the opportunities and challenges that will present themselves.”
He added: “As we move ahead into the second half of the year, we remain committed to enhancing our customers’ banking experience and contributing to the growth and prosperity of the UAE’s economy.
Shirish Bhide, Chief Executive Officer of United Arab Bank, commented: Our customer-centric approach and sustainable growth model has led to a 15% increase in net profit and a 12% growth in total assets. Our positive performance is a testament to the successful execution of our strategic priorities and clear evidence of the success of the many initiatives that have been implemented at the Bank. Going forward, we will continue investing in our growth strategy and digital capabilities, while equally focusing on developing innovative products and services that meet our customers aspirations whilst upholding the highest standards of compliance and internal controls.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
