Abu Dhabi Ports Group, a state-backed investment entity, has increased its footprint in the Spanish maritime sector by acquiring a 40% stake in Algeposa Asturias. The Asturias-based operation is responsible for stevedoring at key sites such as El Musel and the port of Avilés, among other clients. The arrangement aligns with the broader activity of steel logistics, as the ArcelorMittal facilities in Asturias and the unloading of semi-finished steel imported by the Asturian steel company are central to its cargo mix. The Algeposa group remains the majority shareholder of Algeposa Asturias, underscoring a partnership that blends local operating strength with international capital.
This entry by the Arab investment consortium into the Asturias shipping business forms part of a larger strategic move centred on the acquisition of Noatum, the flagship logistics operator at Spanish ports. Noatum, once owned by JP Morgan, was acquired for 660 million euros. The group owns or participates in a network of 16 terminals across Spanish ports, handling more than 13 million tons of bulk and general cargo annually, with 241,000 containers and 835,000 vehicles moving through its facilities. The portfolio also includes container handling for land transport and project cargo, and it maintains a terminal operation in an Egyptian port, highlighting a diversified geographic reach.
The stake in Algeposa Asturias traces back to a June 29, 2018 alliance in which Noatum and Algeposa formed cross-shareholdings across several port ventures. This collaboration extended to share exchanges that broadened participation in ports such as Bilbao and Tarragona, with Noatum acquiring 40% stakes in Algeposa Asturias and Algeposa Huelva, while Algeposa acquired 40% stakes in Noatum Castellón and Noatum Sagunto. Historically, Noatum operated in El Musel via its subsidiary Marítima del Mediterráneo (Marmedsa), though its direct presence was comparatively modest. Algeposa Asturias has emerged as a central operator at El Musel, closely tied to the container terminal and other logistics flows in the region.
The sale of Noatum’s assets to the Abu Dhabi sovereign wealth fund follows a previous approach by JP Morgan to divest the entire Noatum group for roughly €900 million more than a year earlier. In the first phase of the approach, the US financial institution explored selling Noatum Terminals, Noatum Shipping, and Noatum Logistics as separate divisions. In the end, the group was positioned under the umbrella of the Abu Dhabi investment vehicle, with Bank of America facilitating the deal, after an initial price reduction and a strategic realignment of expectations.
The investment is driven primarily by financial considerations rather than a management overhaul. Noatum is expected to retain its current leadership and managerial structure, which favours continuity in operations. In the Asturias ports of Avilés and Gijón, the majority of dockworkers belong to the Algeposa group, which also operates two other lines of business beyond maritime services: railway and broader logistics services for industrial sites. The arrangement thus reinforces a stable, locally embedded operational framework while enabling a wider strategic horizon through Abu Dhabi’s capital and international network.