Abu Dhabi's AD Ports completes KEZAD Communities and Al Eskan Al Jamae merger 

Abu Dhabi Ports Group (AD Ports), a leading port operator and logistics company in the UAE, has announced the completion of its merger with the Abu Dhabi Government-owned Abu Dhabi Accommodation Company (ADAC). The merger has resulted in the creation of Abu Dhabi's largest integrated staff accommodation company, which will cater to the growing demand for staff accommodation in the region.

According to a filing made by AD Ports to the Abu Dhabi Securities Exchange (ADX) on Monday, the company will retain a controlling 52% majority stake in the merged entity. The transaction was conducted through an equity share swap, with no cash exchange involved.

The merger, which was first announced in December last year, is expected to result in significant cost savings and operational efficiencies for both AD Ports and ADAC. By consolidating their resources and expertise, the two entities will be better positioned to meet the needs of their customers and enhance their competitiveness in the market.

AD Ports Group has been expanding its portfolio of services and facilities in recent years, with a focus on strengthening its position as a leading player in the logistics and maritime industry. The merger with ADAC is part of the company's broader strategy to diversify its business and capitalize on new growth opportunities in the region.

The merger will be fully consolidated in AD Ports Group financials for the full quarter in Q1 2023, which is expected to further strengthen the company's financial position and enhance its ability to invest in new projects and initiatives. With this merger, AD Ports is well-positioned to continue its growth trajectory and contribute to the development of Abu Dhabi's economy.