Kuwait City, Kuwait, March 06, 2005 - PWC Logistics, the leading provider of end-to-end supply chain solutions in the Middle East, today announced they have signed an agreement with Al Bateen Investment Co. LLC and Bin Jabr Group LLC to form PWC Logistics UAE. This new company will be listed on the UAE stock exchange in two years.
The agreement was signed by Mr. Thafer Al Ahbabi, General Manager of Al Bateen Investment, Mr. Saeed Bin Jabr Al Suwaidi, President of Bin Jabr Group and Mr. Khaled Mohammad Al Mutawa, General Manager - Oil and Government, of PWC Logistics.
Mr. Al Mutawa commented, "The creation of PWC Logistics UAE which will begin operating in April 2005, goes hand-in-hand with PWC's regional and global expansion strategy by providing investment opportunities within the governmental sector and privatization projects in the United Arab Emirates. Additionally, this joint venture will increase PWC's activities in the freight forwarding, transportation and logistics services, areas in which PWC excels.
This joint venture will both strengthen cooperation across the GCC and stimulate investment and job growth in the UAE. The implementation of advanced logistics techniques throughout the operation will both boost productivity and reduce logistics costs.
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About Al Bateen Investment Co LLC
Al Bateen Investment has been established in Dubai UAE. The company is involved in real estate, through owning a sizeable amount of towers, and villa complexes. The company is also involved in the banking industry, with a considerable proportion of shares in reputable UAE banks, as well as shares in other banks. The company is also involved in the manufacturing industry; oil related business, telecommunication, and hotel industry.
About Bin Jabr Group LLC
Bin Jabr Group is located in Abu Dhabi, UAE. It is considered one of the most important local companies. The main activities of Bin Jabr Group include the import and trade of trucks and heavy equipment, airport support equipment, marine equipment, electronics and electrical appliances in addition to providing services to local and international clients in the oil and gas sector.
Furthermore, Bin Jabr Group possesses the expertise in dealing with and controlling major local and international companies in the administrative, financial, legal affairs and public relations sectors.
About PWC Logistics
PWC Logistics is the leading provider of end-to-end supply chain solutions to companies and governmental organizations throughout the Middle East. Through its network of warehouse facilities and transportation services, PWC provides its customers with supply chain solutions tailored to their business needs. PWC is traded on the Kuwait Stock Exchange, ticker symbol WARE. For more information about PWC Logistics, please visit www.pwclogistics.com.
CONTACT:
Marketing Department
PWC Logistics
Tel: (+971) 4 806 8581
Fax: (+971) 4 881 4345
www.pwclogistics.com
© Press Release 2005
