L’imad Holding offers to buy AD Ports for $9B

Abu Dhabi’s newest sovereign wealth vehicle, L’imad Holding, has made a roughly $9B offer to acquire the publicly traded shares of AD Ports Group, a move that would effectively reverse one of the emirate’s most prominent privatizations and pull a critical infrastructure company back under full state control.

The offer targets the roughly 25% of AD Ports that trades publicly on the Abu Dhabi Securities Exchange. L’imad already controls 75.42% of the company through its absorption of the Abu Dhabi Developmental Holding Company (ADQ), which completed on January 30, 2026.

A $300B sovereign platform takes shape

L’imad Holding, chaired by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, consolidated the entirety of ADQ’s portfolio when it absorbed the entity earlier this year. ADQ itself was valued at approximately $263B before the merger.

Post-consolidation, L’imad manages a combined asset base worth roughly $300B, spanning energy, aviation, healthcare, and logistics. The emirate has also brought in Boston Consulting Group to advise on operational enhancements for the new structure.

Privatization in reverse

AD Ports went public on the ADX in February 2022, part of a broader Gulf trend of listing state-adjacent companies to deepen capital markets and attract foreign investors.

The $9B bid to scoop up the remaining public float would take a company that operates critical port infrastructure, terminals, and logistics networks back into full sovereign ownership. The 75.42% stake L’imad already holds gives it overwhelming leverage in any negotiation.

What L’imad’s mandate reveals

The new platform’s mandate goes well beyond ports. L’imad is tasked with generating sustainable returns for the Abu Dhabi government across a diverse range of sectors, including energy, aviation, and healthcare. The consolidation is designed to reduce overlap between previously separate investment arms and centralize decision-making under a single governance structure.

Implications for regional capital markets

The AD Ports delisting, if it proceeds, would remove one of the more prominent names from the ADX. If L’imad offers a meaningful premium to AD Ports’ trading price, investors may view the deal as a generous exit. If the offer comes in at or near market value, expect pushback from institutional holders who bought in expecting long-term capital appreciation from a growing logistics platform.

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