Al Seer Marine has invested AED1.2 billion ($326 million) in AD Ports Group ahead of its IPO.
The company said the investment of 375 million equity shares would support it to generate growth in the country and accelerate its local and international expansion plans.
Al Seer Marine has been rapidly growing its portfolio, which now includes AD Ports Group that will list on Abu Dhabi Securities Exchange (ADX) on Tuesday.
Founded in 2003 and with AED1 billion in paid-in capital, Al Seer Marine has over 1,200 employees. As of December 2021, the company’s assets amounted to AED6.1 billion, compared to AED717.81 million at the start of the year.
Al Seer Marine provides vessels construction services, operation, refurbishment, and yacht management to private customers, as well as fulfilling public sector vessels contracts.
Guy Neivens, Chief Executive Officer of Al Seer Marine, said, “The investment in AD Ports Group is crucial for improving the company’s competitiveness and revenue capacity performance. The port is an economic driver, not only in UAE but across the region. Our participation highlights our confidence in AD Ports Group IPO and sets a benchmark for the investor community at large.”