Safeen Feeders, AD Ports Group’s feeder services company, has signed an agreement with Abu Dhabi-listed Invictus Investment to launch a new international dry bulk shipping service.
Under the terms of the deal, the two companies will purchase ships through special purpose vehicles, in which Safeen Feeders will have an 85 per cent stake and the remaining 15 per cent will be owned by Invictus Investment.
Safeen Feeders and Invictus Investment will also form a joint venture to operate the service. Safeen Feeders will own 51 per cent of the joint venture, while Invictus Investment will have 49 per cent, AD Ports Group said on Monday.
The two companies are expected to invest about Dh463 million ($126m) in the vessels, it said.
“This is an important agreement for AD Ports Group as we look to expand the diverse portfolio of international dry bulk services that we provide for customers and strengthen food security in the region and around the world,” said Mohamed Al Shamisi, managing director and group chief executive of AD Ports Group.
AD Ports Group, the Abu Dhabi Securities Exchange-listed operator of industrial cities and free zones in the emirate, established Safeen Feeders in 2020 to improve connectivity between the region’s ports and serve trade in the region.
Last month, the company announced the launch of KLP21, its new advanced warehousing and logistics hub in the Khalifa Industrial Zone Abu Dhabi (Kizad), as part of its long-term plans to boost food security.
Under the deal with Invictus Investment, five ships of varying sizes are likely to be deployed within six months, starting this month. Additional vessels will be added as part of future growth plans, the company said.
The joint venture will act as the carrier for Invictus’s dry-bulk trading business, which ships more than three million tonnes of commodities — primarily wheat and complementary grains — annually, it added.
While most of the ships’ capacity will be provided to support the business, the joint venture will also extend its commercial bulk shipping services to other companies globally, with an initial focus on the Red Sea and Pacific corridors, the Indian subcontinent and Black Sea region, the company said.
“Aligning Safeen Feeders’ shipping expertise with Invictus’s diverse sourcing network will help create a significant new operator, with global reach and a modern fleet,” said Mr Al Shamisi.
Launched in 2020, Safeen Feeders has expanded its fleet over the past two years, deploying new vessels of varying sizes and capacities for bulk and container services, boosting overall capacity to 23,400 twenty-foot equivalent units (TEUs).
Under the agreement, Invictus Investment will operate the vessels.
“This [deal] will enable us to not only enhance efficiency in our operations, but will also support us as joint venture partners to grow together as a new international shipping service,” said Amir Abdellatif, chief executive of Invictus Investment.
AD Ports Group, which made its debut on the Abu Dhabi Securities Exchange in February, raised Dh4 billion ($1.08bn) from its share sale.
Its portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within ZonesCorp and Kizad.
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Dr Sultan Al Jaber visits Kizad — in pictures
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Bharatanatyam
A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
Jetour T1 specs
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Specs
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Power: 218hp (Cooper and Aceman), 313hp (Countryman)
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On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Results
Catchweight 60kg: Mohammed Al Katheeri (UAE) beat Mostafa El Hamy (EGY) TKO round 3
Light Heavyweight: Ibrahim El Sawi (EGY) no contest Kevin Oumar (COM) Unintentional knee by Oumer
Catchweight 73kg: Yazid Chouchane (ALG) beat Ahmad Al Boussairy (KUW) Unanimous decision
Featherweight: Faris Khaleel Asha (JOR) beat Yousef Al Housani (UAE) TKO in round 2 through foot injury
Welterweight: Omar Hussein (JOR) beat Yassin Najid (MAR); Split decision
Middleweight: Yousri Belgaroui (TUN) beat Sallah Eddine Dekhissi (MAR); Round-1 TKO
Lightweight: Abdullah Mohammed Ali Musalim (UAE) beat Medhat Hussein (EGY); Triangle choke submission
Welterweight: Abdulla Al Bousheiri (KUW) beat Sofiane Oudina (ALG); Triangle choke Round-1
Lightweight: Mohammad Yahya (UAE) beat Saleem Al Bakri (JOR); Unanimous decision
Bantamweight: Ali Taleb (IRQ) beat Nawras Abzakh (JOR); TKO round-2
Catchweight 63kg: Rany Saadeh (PAL) beat Abdel Ali Hariri (MAR); Unanimous decision
UAE currency: the story behind the money in your pockets
ENGLAND SQUAD
Joe Root (c), Moeen Ali, Jimmy Anderson, Jonny Bairstow, Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Ollie Pope, Adil Rashid, Ben Stokes, James Vince, Chris Woakes
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British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Abu Dhabi Sustainability Week
Results
2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar
3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar
4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash
4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash
5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi
6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy
