L'IMAD plans AD Ports buyout as Gulf infrastructure priorities intensify

Reuters reported that Abu Dhabi sovereign wealth fund L’IMAD planned to buy out the rest of publicly listed AD Ports as it revamped the company’s strategy. AD Ports operates ports in the UAE and globally; its UAE container throughput and bulk and general-cargo volumes fell by around two-thirds year on year in the second quarter. Reuters said Gulf sovereign wealth funds were accelerating infrastructure investment while the Strait of Hormuz remained disrupted. It described ports as a mission-critical priority for Gulf governments and reported that the costs of accelerated infrastructure development could reach hundreds of billions of dollars in coming years.