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Maqta Gateway, Aqaba finalize shareholder agreement: AD Ports Group subsidiary Maqta Gateway and Jordan’s central development arm Aqaba Development Corporation (ADC) inked a shareholder agreement granting Maqta Gateway a majority 51% stake in the entities’ JV company, Maqta Ayla, as part of a port development agreement, according to a press release released on Thursday. Under the shareholder agreement signed, Maqta Gateway will have a 51% stake in Maqta Ayla and ADC will own the remaining 49%.
More details: The agreement pertains to an existing joint venture, dubbed Maqta Ayla, which looks to integrate Maqta Gateway’s Port Community System (PCS) at Aqaba Port, the statement said. No further details regarding the financials of the agreement were disclosed.
What does Maqta Ayla do? The company leverages Maqta Gateway’s experience and tools for port digitalization to implement the PCS to streamline transactions between the Port of Aqaba, terminal operators, Aqaba Special Economic Zone Authority (ASEZA), ADC, and other stakeholders active in the port’s ecosystem, the statement notes. Maqta Ayla will be the first company to export AD Ports’ port digitalisation solution and expects to roll out the PCS at Aqaba within a 12-month timeframe.
The initiative is a boon for decarbonization: The move is expected to slash carbon emissions associated with over 90k in-person visits within a year of its introduction.
About the Port of Aqaba: The port is a key gateway to Jordan, handling 80% of the country’s exports and 65% of its imports, the statement said. Aqaba’s Container Terminal handles next to 1.3 mn TEUs a year and is a key transit hub for trade with neighboring countries.
