Dubai: Gulftainer, a subsidiary of Crescent Enterprises and one of the UAE’s largest port operators has announced that it has acquired a 51 per cent stake in Saudi Arabia’s Gulf Stevedoring Contracting Company (GSCCO).
The acquisition has allowed it to have full management of the company’s three terminals in Jeddah and Jubail, including the Northern Container Terminal at the Jeddah Islamic Port, Jubail Commercial Port and Jubail Industrial Port.
Commenting on the acquisition, Badr Jafar, CEO of Crescent Enterprises and vice-chairman of the Gulftainer Group said: “Saudi Arabia’s growth makes it an extremely fast-paced, exciting market and I am confident that Gulftainer’s proven track record in this sector will further serve and support the evolution and development of the port and logistics sector in the Kingdom in the coming years.”
Last year, Gulftainer has set a fund with Russian partners worth $500 million to start acquiring port and logistics assets in Russia, Asia and the Gulf. The port operator has seen a boost in trade volumes in recent years. Trade volumes rose 24 per cent last year compared to the year before.
It operates locally and internationally, covering areas which include Khorfakkan, Sharjah, Ruwais, Iraq , Lebanon and Brazil.