Urbanos Group, the majority shareholder of Groundforce Portugal, one of Portugals’ most successful businesses, has announced that it has appointed Shuaa Capital as its Middle East financial advisor.

Groundforce Portugal is the country’s main airport cargo and passenger handling services provider with a 65 per cent market share.

Urbanos, utilising Groundforce Portugal’s expertise, is keen to establish a hub in Dubai from which to build a regional business across GCC countries, Asia and Africa, a statement from the company said. As Middle East financial advisor, Shuaa will support Urbanos in a partnership arrangement helping the business set up and grow its presence.

Shuaa will provide advisory services for business development and funding requirements. It will also act as the steppingstone for facilitating access to capital in the Middle East, enabling the future build-out of Groundforce Portugal’s European and South American operations.

Urbanos and Shuaa signed a master services agreement at a ceremony held at the Dubai Chamber of Commerce and in the presence of Portugal’s Minister of State and Foreign Affairs, Paulo Portas.

The agreement was signed by Sheikh Maktoum Hasher Al Maktoum, executive chairman of Shuaa Capital and Alfredo Casimiro, owner of Urbanos and chairman of Groundforce Portugal.

“Trade links between Portugal and the UAE have been growing steadily in recent years not just in bilateral trade but also because Portugal acts a very important hub for trade into Europe, the Middle East and Africa from South America, and Brazil in particular,” Portas said.  

“UAE represents a very exciting market for Portuguese businesses and this agreement demonstrates Portugal’s intention of establishing an on-ground presence for his country’s very best companies in the UAE.”

“Our specialist advisory capability, long track record in the region and deep network position SHUAA well to support the development of both foreign and domestic businesses in the country and across the GCC,” said Al Maktoum.

“We have long supported the development of the UAE by attracting capital flows and foreign direct investment and are very pleased to be working with Groundforce Portugal, one of Portugal’s flagship businesses,” he added.

The total value of trade between Portugal and the UAE in 2011 totalled over Dh700 million ($190.6 million), according to UAE Ministry of Foreign Trade. Whilst much of this was oil & gas related; the amount of non-oil trade grew nearly 300 per cent to over Dh60 million.

“We see a strong growth opportunity for our services in the GCC, and particularly in the UAE, which continues to be one of the fastest growing markets for air transportation, evidenced by the growth of the major Gulf carriers and the increasing numbers of passengers connecting through the region,” Casimiro said.

“Shuaa has the market knowledge and specialist advisory services which will ensure our business is properly structured and financed so that we can tender for contracts to support the growth of the region’s transportation and logistics infrastructure,” he concluded. – TradeArabia News Service