Wednesday, Mar 14, 2012
DUBAI (Zawya Dow Jones)--Logistics firm Aramex said Wednesday it has signed a partnership agreement with South Korean shipping company CJ GLS, as the Dubai-based firm continues with its expansion in Asia.
Othman Al Jeda, Chief Executive Officer for Aramex in Asia, said the partnership with CJ GLS will provide Aramex "a strategic position serving the South East Asian economies, and connecting the emerging economic powers of Asia with the emerging African economies through the Middle East."
The move follows Aramex's recent joint venture with Chinese Sino Air, a deal that strengthened its position in Asia. The firm's initial phase of expansion across Africa in 2011 included the acquisition of Kenyan OneWorld Courier and In-Time Couriers as well as South African Berco Express in December.
According to data from the Korean International Trade Association, the Gulf Cooperation Council, or GCC, region has over the last decade emerged as South Korea's second largest trading partner after China with exports from Korea to the GCC growing by 38% in 2011.
Last month, Aramex posted a 4% increase in fourth quarter net profit to 57.2 million U.A.E. dirhams ($15.57 million), aided by strong economic growth in the Gulf Co-operation Council, or GCC, countries.
Aramex shares didn't trade early Wednesday. They closed Tuesday at AED1.90.
-By Iman Dawoud; Dow Jones Newswires;+971 444 1693; iman.dawoud@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
14-03-12 0620GMT
