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Qingdao Port buying 33% stake in Cosco Shipping Ports in Abu Dhabi

Qingdao Port International has entered into the share transfer agreement with Cosco Shipping Ports and Cosco Shipping Ports (Abu Dhabi) to a acquire 33.335% equity interest in Cosco Shipping Ports (Abu Dhabi).

The stake it being acquired by Qingdao Port’s wholly-owned subsidiary QDP International Development at a cost of $59.28m.

Upon the completion of the deal, QDP International Development will also indirectly hold a 30% equity interest in the Abu Dhabi Terminal through its shareholding in Cosco Shipping Ports (Abu Dhabi).

Qingdao Port International said that the deal is an important step for the company to actively integrate into the national “Belt and Road” construction, implement the internationalization strategy in depth, and further deepen the strategic cooperation with Cosco Shipping Port.

CSP Abu Dhabi Terminal was the first terminal in which Cosco Shipping Ports holds a controlling stake in the Middle East, and is engaged in the business of construction, development and operation of the container terminals at the Khalifa Port in Abu Dhabi, UAE.

The transaction will make Abu Dhabi Terminal’s operational efficiency and competitiveness to be further improved, and to provide port services to shipping companies with higher efficiency and quality.

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