Abu Dhabi-based AD Ports Group has bought a majority stake in International Associated Cargo Carrier (IACC), an Egyptian shipping and terminals conglomerate whose business portfolio includes a regional liner company and a container and bulk terminal operator.

AD Ports said it has spent $140m to acquire a 70% stake in IACC, with the deal funded by its internal cash reserves that at the end of March stood at AED 3 billion ($810m).