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Crescent Enterprises
IndustryConglomerate
Area served
Worldwide
Key people
Badr Jafar
(chief executive officer)
Products
Websitecrescententerprises.com

Crescent Enterprises is a multinational company headquartered in the Emirate of Sharjah, United Arab Emirates. The company operates through four platforms: CE-Operates, CE-Invests, CE-Ventures, and CE-Creates, across sectors that include ports logistics, food and beverages, healthcare, life sciences, and business aviation, as well as across business verticals, such as private equity, venture capital, and business incubation.[1]

Crescent Enterprises is a subsidiary of the Crescent Group, a diversified family business group operating in the MENA region since 1971. The Crescent Group's other main subsidiary, Crescent Petroleum, is the first and the largest indigenous, privately-owned upstream oil and gas company in the Middle East.[2]

History[edit]

Crescent Enterprises was founded in 2007. It initially operated under three divisions, focusing on operating businesses, strategic investments, and venture capital. In 2014, the group launched business incubation platform CE-Creates to develop early-stage concepts into viable ventures.[3]

In 2017, the company reorganized its operations across the four platforms: CE-Operates, CE-Invests, CE-Ventures, and CE-Creates.[4]

Structure[edit]

CE-Operates[edit]

The operating businesses platform constitutes subsidiaries and affiliates in sectors such as port management logistics, and power and engineering. CE-Operates' businesses include the Gulftainer Group and Momentum Logistics.

Gulftainer Group

Gulftainer is a privately-owned, independent port management company. The company was formed in 1976 in the UAE to operate the first container terminal in the Middle East, the Sharjah Container Terminal at Port Khalid. It currently operates ports in the UAE, Saudi Arabia, Iraq, and the United States.[5]

Gulftainer expanded its operations to Iraq in 2008, making it the first international company to set up a container terminal at Umm Qasr port[6]. In 2013, Gulftainer announced the acquisition of a 51% stake in Saudi Arabia’s Gulf Stevedoring Contracting Company (GSCCO), allowing it to assume the full management of three Saudi terminals, located in Jeddah and Jubail[7].

In 2014, Gulftainer became the first Middle Eastern port operator with operations in the US, with a 35-year concession at Florida's Port Canaveral.[8] In March 2018, the company announced a 50-year concession to operate a second US port in Wilmington, Delaware through its US subsidiary GT USA Wilmington.[9]

In September 2021, Gulf Stevedoring Contracting Company, invested a further $50 million in Saudi Arabia’s Jubail Commercial Port to expand its handling capacity to 1.8 million TEUs (twenty foot equivalent units).[10]

In July 2023, GT USA Wilmington decided to step away from the development of the Port of Wilmington.  

In September 2023, Gulftainer extended its concession agreements with the Sharjah Ports, Customs and Free Zones Authority for a further 35 years to manage, operate and develop Sharjah Container Terminal (SCT) and Khorfakkan Container Terminal (KCT).

Momentum Logistics

Momentum Logistics is Gulftainer's logistics subsidiary with headquarters at Sharjah Inland Container Depot. The company was established in 2008 and manages the group's transportation and logistics operations across the Middle East.[11]

CE-Invests[edit]

The strategic investments division maintains a portfolio of diversified asset class investments. Its portfolio includes: Growthgate Capital, TVM Capital Healthcare Partners, among others.[2]

CE-Ventures[edit]

The corporate venture capital unit was established in 2017 and invests in early- to late-stage startups with focus on tech-enabled solutions.[12] Companies CE-Ventures invested in include NerdWallet and cloud kitchen platform Kitopi.[13] In 2018, CE-Ventures acquired a minority stake in Dubai-based logistics company Transcorp.[14]

In December 2021, CE-Ventures led a $4 million funding round for Indian Ayurveda startup NirogStreet.[15] In 2022, the company led a $10 million funding round through a convertible note for secondhand gadget marketplace Northladder.[16]

CE-Creates[edit]

The incubator platform was established in 2014 and focuses on developing new businesses internally.[17] In 2022, CE-Creates announced the merger of its portfolio with hatch & boost, an Abu Dhabi-based venture builder.[18] The merged portfolio of startups includes Kava and Chai, ION, BreakBread and World of Farming.

Social engagement[edit]

Crescent Enterprises is a member of several World Economic Forum initiatives, including the Edison Alliance, Shaping the Future of Digital Economy and New Value Creation, Shaping the Future of Mobility, New Economy and Society, and the Regional Action Group for MENA.[19][20]

The organization is a founding partner of the Pearl Initiative,[21][22] and a signatory of the United Nations Global Compact[23] and the United Nations Women's Empowerment Principles.[24] In addition, it is a member of the WEF’s Partnering Against Corruption Initiative.

See also[edit]

References[edit]

  1. ^ Sharma, Alkesh (9 May 2021). "Sharjah's Crescent Enterprises plans to invest Dh1bn in start-ups by 2022". The National. Retrieved 1 May 2023.
  2. ^ a b "Crescent launches $150m venture capital division". Saudi Gazette. Retrieved 9 March 2018.
  3. ^ Staff, Entrepreneur Middle East (11 May 2022). "CE-Creates And Hatch & Boost Conclude The MENA's First Venture Builder Merger". Entrepreneur. Retrieved 1 May 2023.
  4. ^ "Sustainability-Report-2017-18.pdf | Crescent Enterprises". 9 June 2020. Retrieved 1 May 2023.
  5. ^ "Gulftainer handled operations in record time at Iraq port". gulfnews.com. Retrieved 1 May 2023.
  6. ^ https://www.themaritimestandard.com/gulftainers-iraq-terminal-handles-biggest-vessel-yet
  7. ^ "Gulftainer acquires 51% stake in Gulf Stevedoring to manage Jeddah, Jubail ports". Arab News. 24 June 2013. Retrieved 13 June 2024.
  8. ^ "UAE-based company signs 35-year cargo deal at Port Canaveral – Orlando Sentinel". www.orlandosentinel.com. Retrieved 1 May 2023.
  9. ^ "Gulftainer chief promises jobs as board gives blessing to port privatization effort". Delaware Online. Retrieved 8 April 2018.
  10. ^ Rahman, Fareed (7 September 2021). "Gulftainer's subsidiary invests $50m to expand Jubail port". The National. Retrieved 1 May 2023.
  11. ^ "Gulftainer wins control of Avalon". gulfnews.com. Retrieved 1 May 2023.
  12. ^ "'A recession is a good time to make startup investments', says CE-Ventures Tushar Singhvi". gulfnews.com. Retrieved 1 May 2023.
  13. ^ "Crescent Enterprises to double its investments in start-ups to Dh1 billion by 2022". gulfnews.com. Retrieved 1 May 2023.
  14. ^ Staff, Entrepreneur Middle East (27 November 2018). "CE-Ventures Acquires Significant Stake in UAE-based Transcorp". Entrepreneur. Retrieved 1 May 2023.
  15. ^ Sharma, Alkesh (5 January 2022). "Indian technology start-up NirogStreet raises $4m amid expansion push". The National. Retrieved 1 May 2023.
  16. ^ "Secondhand gadget retailer NorthLadder raises $10m from convertible note". gulfnews.com. Retrieved 1 May 2023.
  17. ^ "Crescent Enterprises unveils Shamal, workwear for construction workers - Construction Week Online". Construction Week. Retrieved 1 May 2023.
  18. ^ Staff, Entrepreneur Middle East (11 May 2022). "CE-Creates And Hatch & Boost Conclude The MENA's First Venture Builder Merger". Entrepreneur. Retrieved 1 May 2023.
  19. ^ "Crescent Enterprises commits to digital inclusion to impact 100,000 youth". gulfnews.com. Retrieved 1 May 2023.
  20. ^ Sharma, Alkesh (24 September 2021). "Economical internet services required to bridge digital divide, experts say". The National. Retrieved 1 May 2023.
  21. ^ "New economic opportunities". www.gulftoday.ae. Retrieved 1 May 2023.
  22. ^ "2020 Investment Climate Statements: United Arab Emirates". United States Department of State. Retrieved 1 May 2023.
  23. ^ "Pearl Initiative, UN Global Compact to host forum in Dubai on Oct. 27". Arab News. 11 October 2016. Retrieved 1 May 2023.
  24. ^ Abdelkader, Ghada. "Bridging the gender gap in investment industry". Khaleej Times. Retrieved 1 May 2023.
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