Abu Dhabi Ports Group announced Monday it is preparing a mandatory tender offer to acquire a controlling stake in Alexandria Container and Cargo Handling Co., one of Egypt’s most strategic maritime assets, as Gulf investment accelerates amid Egypt’s spiralling foreign currency crisis.
In its statement, the Emirati group said it aims to surpass the 51% ownership threshold, which would grant it operational control of the company. Its logistics arm, Black Caspian Logistics Holding, had already acquired a 19.3% stake in November from the Saudi-Egyptian Investment Company.
On Sunday, Alexandria Container and Cargo confirmed it had received a formal email from the company expressing intent to purchase additional shares—enough to raise its total stake to 90%. Completion of the deal depends on crossing the 51% threshold.
The state-owned firm manages two of Egypt’s most vital shipping terminals, at the Alexandria and Dekheila ports—making it a prime target as Cairo offloads public assets to shore up reserves and meet IMF loan conditions.
The potential takeover is part of a wave of Gulf-backed acquisitions across Egypt’s logistics, infrastructure, and food sectors. With foreign reserves strained and debt obligations mounting, Cairo has turned to regional allies for cash infusions. The latest move by Black Caspian effectively replaces Saudi ownership with Emirati capital.
Still, Abu Dhabi Ports emphasized that the Egyptian government’s remaining stake will remain untouched. “Government-affiliated shareholders, who hold the majority of the remaining shares, will retain their positions,” the group said.
According to public filings, the Holding Company for Maritime and Land Transport owns 35.4% of Alexandria Container, while the Alexandria Port Authority holds 7.6%.
The tender offer was priced at 22.99 Egyptian pounds per share. Bloomberg Asharq reported the bid reflects an 11.5% discount from the stock’s closing price on Sunday on the Egyptian Exchange.
