Qingdao Port Buys Stake in Cosco Abu Dhabi

Qingdao Port

China-based Qingdao Port International Development has agreed to purchase a 33% stake in COSCO Shipping Ports (Abu Dhabi), a deepwater terminal located in Khalifa Port, for US$59m.

Abu Dhabi Terminal is a joint venture company established in the United Arab Emirates.

The investment, which will be made through Qingdao Port’s Hong Kong subsidiary QDP International Development, will give the port operator a 30 percent holding in the CSP Abu Dhabi Terminal at Khalifa Port in which the Hong Kong-based firm holds a 90 percent stake, Qingdao Port said in a press release.

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