UAE's Gulftainer buys 51% stake in Saudi firm

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

Gulftainer Co Ltd, the UAE's second-largest port operator, said on Sunday it had acquired a 51 percent stake in Saudi Arabia's Gulf Stevedoring Contracting Company.

The acquisition allowed Gulftainer to assume full management of three Saudi terminals, located in Jeddah and Jubail, making it the largest port operator in the Middle East by number of terminals, it said in a statement.

At the Jeddah Islamic Port, Gulftainer will operate the Northern Container Terminal (NCT) on the west coast of Saudi Arabia, Jubail Commercial Port (JCP) and Jubail Industrial Port (JIP) on the east coast.

The privately held firm did not provide financial details of the transaction. The group operates and manages ports and logistics businesses in several countries, including the UAE, Iraq, Pakistan, Russia, Brazil, Lebanon and Turkey.

The company now manages 40 percent of all major container terminal facilities in the Middle East that have the capacity to handle ships of 12,000 TEU - or twenty-foot equivalent container unit - or greater in size, and 45 percent of all major port capacity outside of the Strait of Hormuz, it said in the statement.

The UAE is also home to DP World, the world's third-largest port operator, which operates more than 60 terminals across six continents.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
The curious case of David Haigh

The curious case of David Haigh

The story of how the former Leeds United boss went from football...

1
How Mashreq hits the sweet spot

How Mashreq hits the sweet spot

Mashreq’s retail operations in a series of Middle Eastern markets...

2
Q&A with Noor Bank

Q&A with Noor Bank

Kazim Ali, head of corporate banking at Noor Bank, discusses...

Most Popular
Most Discussed
  • 20
    Why Dubai should consider removing the rent cap

    Not even one comment supporting the author. I wonder if he is trying to create a bubble. more

    Monday, 24 November 2014 2:25 PM - Anil
  • 14
    Life sentence for London hammer attacker

    The death sentence is a free pass. The purpose of punishment has always been to provide a lesson for misbehaving. No one learns a lesson by dying. Life... more

    Friday, 21 November 2014 2:02 PM - LordLands
  • 5
    Is this the end of F1?

    Compare this to WEC and you see a stark difference. The 'formula' for WEC is much more wider and more accomodating. They have been runnning hybrids for... more

    Monday, 24 November 2014 2:30 PM - Vincent