Abu Dhabi port operator AD Ports Group will continue to make investments and leverage its new partnerships to grow its business and enter new markets this year.

This year’s targets include increasing the logistics cluster’s multi-cargo handling capabilities and expanding into the Red Sea, the company said in its annual report.

“In 2022, AD Ports Group will expand into the Red Sea, where we are preparing to manage cargo and passenger cruise terminals and ports for the Aqaba Development Corporation in Jordan,” Falah Mohammad Al Ahbabi, Chairman of the Board, said in the report.

Within the logistics cluster, AD Ports aims to more than quadruple its cold storage capacity for vaccines, food and other medical and humanitarian supplies from 19,000 m2 to 91,000 m2.

“The receipt of a 22.23 percent stake in Aramex in early 2022 from AD Ports Group’s majority shareholder Abu Dhabi Development Holding Company (ADQ) will bolster our expansion, especially into e-commerce logistics,” the report said.

The company’s net profit more than doubled to 853 million dirhams ($232 million) last year. Its revenue rose 14 percent to 3.9 billion dirhams. The company also successfully completed last year a $1 billion issue of 10-year bonds, which were listed on ADX.

“With our $1 billion bond issue, and the sale of our first equity shares in February 2022, AD Ports Group enters 2022 with the resources to continue its internationalisation,” said Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group.

“New partnerships with global companies such as Shandong Holdings Group will widen our horizons. So too will our equity stake in integrated transport and logistics player Aramex and National Marine Dredging Company.”