By Gulf News
Dubai: Aramex, the Dubai-listed logistics company, announced on Sunday the acquisition of Saudi TAL for Commerce and Contract Company for around $80 million (Dh293 million).
Bashar Obaid, chief executive officer of Aramex, said Saudi Arabia holds “significant growth potential” for the company, being the largest market in the Middle East.
“The acquisition is also in line with our strategy to have leaner and more efficient operations in all markets we operate in, and will allow us to focus on upgrading last-mile delivery through innovation solutions, which will ultimately result in an enhanced customer experience,” he said in a statement.
Obaid added that the acquisition of Saudi TAL supports the Kingdom’s Vision 2030, which aims to encourage investment in the private sector and economic diversification.
Aramex last month said it will sell a 60 per cent stake in its joint venture with Australia Post for $20 million.
The company said the sale will not have “any impact” on its revenue, though it will incur a one-time write-off of $13 million, which will reflect in financial results for the fourth quarter of 2018.