Maqta Gateway, AD Port’s digital arm, has acquired a 60 per cent ownership share in Dubai Technologies, a trade and transportation solutions developer.
The total purchase consideration for the 60 per cent shareholding amounts to AED28 million ($7.6 million).
The company’s FY2023 financial performance recorded revenues of AED70.5 million ($19.1 million) and EBITDA of AED8.4 million ($2.2 million).
The organisation has created an intelligent port operations management platform called Minato, four transport platforms, and nine white-label products designed specifically for regional digitally oriented government agencies.
Minato is currently utilised by international port operators and includes the highly coveted advanced digital twin technology for ports.
The platform comprises of fleet management, passenger transportation, smart driving analytics, and waste transportation management, which can be leveraged by the Group to enhance logistics’ efficiencies in hinterland and industrial zones’ operations.
Besides broadening its digital trade portfolio, with this acquisition Maqta Gateway plans to extend its inhouse capabilities, realise cost synergies and further strengthen its position as the developer of leading-edge digital trade solutions.
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “This acquisition reflects our strategic plans aimed at boosting AD Ports Group’s position as an integrated digital trade solutions’ provider to core markets, while increasing self-reliance for critical technologies to our business.
“The extended technical capabilities acquired through this investment will be instrumental in delivering a more differentiated service to international markets. We also look forward to leveraging cost synergies, offering superior operational efficiencies, and unmatched solutions to our partners and stakeholders.”
Dr. Noura Al Dhaheri, CEO of Digital Cluster and CEO of Maqta Gateway, AD Ports Group, commented: “Dubai Technologies has three decades of expertise in delivering best-in-class trade and transportation solutions to government and large enterprises.
“We are confident that the addition of these solutions to our portfolio, and the access to this unrivalled expertise will open-up prospects to enhance our customer base, better serve our existing customers, and spur growth plans. This acquisition is yet another milestone in our journey as we forge ahead to be the leading global trade facilitator under the auspices of our wise leadership.”
Ahmed Alrafi, Founder of Dubai Technologies, supported the acquisition, added: “This is truly a pivotal moment for us at Dubai Technologies. Becoming a part of Maqta Gateway and AD Ports Group will enable wider access to international markets and bigger opportunities, adding fuel to our ambition of connecting people and making the world smarter, sustainably.”
The founder will retain 40 per cent stake in the company and the existing leadership team will remain in management to deliver on the strategic growth plans.
In January, AD Ports Group signed a shareholder agreement between its digital arm, Maqta Gateway, and Aqaba Development Corporation (ADC) for their joint venture, Maqta Ayla, to establish a port community system (PCS) at the Port of Aqaba.