Dubai-listed logistics company Aramex has signed a joint venture agreement with Abu Dhabi’s AD Ports Group to form an entity which will lease or buy space in shipping containers to move goods for freight forwarding companies.

The non-vessel owning common carrier (NVOCC), in which Aramex will have a 49% stake, will provide ocean-bound container cargo services, with a target of 10,000 containers in the short-term, with further growth over the medium to long term.

The JV aims to further enhance and develop shipping connectivity across the GCC, Indian, and East and West African markets, Aramex said in a Dubai Financial Market (DFM) filing.

(Reporting by Imogen Lillywhite; editing by Brinda Darasha)