Riyadh: Aramex (DFM: ARMX), the leading global provider of comprehensive logistics and transportation solutions, today announces the acquisition of the KSA-based company, Saudi TAL for Commerce and Contract Company Ltd (“Saudi TAL”), for approximately US $80 million.
Commenting on the acquisition, Bashar Obeid, Chief Executive Officer of Aramex:
“Saudi Arabia is Aramex’s largest market in the Middle East and holds significant growth potential for the business. Our acquisition of Saudi TAL supports Saudi Arabia’s Vision 2030, which aims to encourage private sector investment to diversify the economy. This 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 innovative solutions, which will ultimately result in an enhanced customer experience.”
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About Aramex:
Aramex (DFM: ARMX) is a leading global provider of comprehensive logistics and transportation solutions. Established in 1982 as an express operator, the company rapidly evolved into a global brand recognized for its customized services and innovative multi-product offering. Traded on the NASDAQ from 1997 to 2002, Aramex today is a publicly traded company on the Dubai Financial Market, employing more than 16,500 people in over 600 locations across more than 65 countries and leads a strong alliance network providing global presence, and bringing together 40 independent express companies from around the world. The range of services offered by Aramex includes integrated logistics solutions, international and domestic express delivery, freight forwarding, secure records and information management solutions, and e-services, including e-business solutions and Shop and Ship. www.aramex.com
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