Sign in
Maqta Gateway, Aqaba finalize shareholder agreement ahead of port developments: AD Ports Group subsidiary Maqta Gateway and Jordan’s central development arm Aqaba Development Corporation (ADC) inked a shareholder agreement yesterday, granting Maqta Gateway a majority 51% stake in the entities’ JV company, Maqta Ayla, as part of a port development agreement, according to an AD Ports Group statement. Aqaba will hold a 49% stake in the JV under the agreement.
Background: Maqta Gateway and ADC signed the agreement to establish the JV in December 2021. The new entity plans to upgrade Aqaba port’s operations with a port community system, marking what AD Ports says is the first ever export of Maqta Gateway’s port digitization solution. The system will streamline communication and transactions between terminal operators and authorities.
The timeline: The system will kick off operations within one year, and is expected to save emissions worth 90k in-person visits, according to the statement.
AD Ports has bigger plans for Aqaba: The Emirati port developer had also agreed to develop a 1.2 mn sqm of Marsa Zayed land with a cruise terminal, as well as develop a new airport — dubbed King Hussein International Airport — and develop and modernize a multi-purpose port.
