AD Ports Group acquires UAE’s Divetech to boost its maritime services offering

Abu Dhabi Ports Group, which operates ports, industrial cities and free zones in the emirate, has acquired Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider.

The 100 per cent acquisition will be fully funded from AD Ports Group’s existing cash reserves, the company said in a statement on Monday.

Divetech, which offers services including installation, inspection, repair and maintenance for ports and other maritime organisations, posted revenue of Dh87 million ($23.7m) and Ebitda of Dh20m in 2021.

The acquisition “represents an important strategic opportunity for growth” that will enable AD Ports to “integrate a dynamic company with a significant pipeline of potential new business”, said Capt Mohamed Al Shamisi, managing director and group chief executive of AD Ports Group.

“This acquisition also enables our maritime cluster to provide a fully holistic service offering that includes undersea inspection, maintenance and repair.”

AD Ports Group, which made its debut on the Abu Dhabi Securities Exchange earlier this month, raised Dh4 billion from its share sale.

Its portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within ZonesCorp and Khalifa Industrial Zone Abu Dhabi.

The company is looking to expand its operations and recently announced plans to develop one of the region’s largest food trading and logistics centres at Kizad to boost food security.

The project, being developed in partnership with the UAE’s Ghassan Aboud Group, is expected to be ready in 18 months and will provide a platform for importers and exporters of food as well as logistics companies to expand their businesses in the region.

In December, AD Ports Group signed an agreement with China’s Shandong Port Group to establish the region’s first tyre storage and distribution centre.

The acquisition of Divetech by AD Ports Group will extend the range of services offered by its maritime cluster, “placing it in a strong position to generate significant commercial, operational and financial synergies”, the statement said.

“This acquisition provides a strong strategic fit for our existing portfolio of services and our plans for growth,” said Capt Maktoum Al Houqani, chief corporate authority officer and acting head of maritime cluster at AD Ports Group.

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Chelsea 1
Azpilicueta (36')

West Ham United 1
Hernandez (73')

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

The biog

Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico

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Sole survivors

Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.

- Abdullah Ishnaneh, Partner, BSA Law

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.