Gulftainer Takes Majority Stake in GSCCO
Gulftainer, the Sharjah-based port management & logistics company, takes a 51 percent stake in Saudi Arabia’s Gulf Stevedoring Contracting Company (GSCCO), to assume full management of three Saudi terminals, located in Jeddah and Jubail.
The acquisition makes Gulftainer the largest port operator in the Middle East with regards to the number of terminals operated in the region, with the company managing 40 percent of all the major container terminal facilities in the Middle East that have the capacity to handle ships of 12,000 TEU or greater in size, and 45 percent of all major port capacity outside of the Strait of Hormuz., reports Arab News.
Gulftainer was established in Sharjah in 1976, and is a subsidiary of Crescent Enterprises which is a UAE-based conglomerate operating globally across multiple sectors, including power and engineering, aviation, health care, and private equity. Gulftainer launched the first dedicated container terminal in the UAE’s Port Khaled in Sharjah.
Source: Arab News