Aramex : and AD Ports Group Sign a Joint Venture Agreement to Develop a New NVOCC Enterprise
May 15, 2023 at 09:15 am EDT
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Aramex and AD Ports Group Sign a Joint Venture Agreement to Develop a New NVOCC Enterprise
Dubai, UAE - Monday, 15th May 2023: Aramex (DFM: ARMX) a leading global provider of comprehensive logistics and transportation solutions, today announced that it had signed a Joint Venture ("JV") Agreement with AD Ports Group (ADX: ADPORTS), the leading facilitator of global trade, logistics, and industry; to develop and operate a new Non-Vessel Operating Common Carrier ("NVOCC") enterprise.
The new JV, in which Aramex has a stake of 49%, will provide tailored solutions to all Freight-Forwarding industry players, servicing their ocean-bound container cargo, to further enhancing and developing shipping connectivity across the GCC, Indian, and East and West African markets with a target of 10,000 containers in the short-term, and plans to increase the number of containers in the medium- to long-term.
This agreement comes as part of both parties' efforts to leverage their expertise and synergistic capabilities to further develop the global Freight industry and enhance the supply chain connectivity along key international trade lanes.
Aramex PJSC published this content on 15 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 13:14:10 UTC.
Aramex PJSC is a United Arab Emirates-based public joint stock company that offers freight, express, logistics and supply chain management business solutions. It is organized into five segments: the International express segment includes delivery of small packages across the globe to both, retail and wholesale customers; the Freight forwarding segment includes forwarding of loose or consolidated freight through air, land and ocean transport, warehousing, customer clearance and break bulk services; the Domestic express segment includes express delivery of small parcels and pick up and deliver shipments within the country; the Logistics segment includes warehousing and its management distribution, supply chain management, inventory management, and the Other operations segment includes catalogue shipping services and airline ticketing and travel, among others. The Company is also present in South Africa through PostNetâs master franchise and Aramex South Africa, formerly Berco Express.
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