Qingdao Port Buys Stake in Cosco Abu Dhabi
China-based Qingdao Port International Development has agreed to purchase a 33% stake in COSCO Shipping Ports (Abu Dhabi), a deepwater terminal located in Khalifa Port, for US$59m.
Abu Dhabi Terminal is a joint venture company established in the United Arab Emirates.
The investment, which will be made through Qingdao Port's Hong Kong subsidiary QDP International Development, will give the port operator a 30 percent holding in the CSP Abu Dhabi Terminal at Khalifa Port in which the Hong Kong-based firm holds a 90 percent stake, Qingdao Port said in a press release.
As of the date of announcement, its remaining equity of 10% owned by an independent third party. The Abu Dhabi terminal is mainly engaged in the construction, development and operation of the container terminal in the Caliph port area of Abu Dhabi.
The acquisition of shares is an important step for the Company to actively integrate into the Belt and Road Initiative developement, further implement the internationalization strategy and further deepen strategic cooperation with COSCO Shipping Port.
After the completion of the share transfer, with the Company's rich experience in port operation and management and talent reserve, the operation efficiency of Abu Dhabi Terminal and its business competitiveness in the Middle East will be further improved, which can provide shipping companies with more efficient and high-quality port services.