Aramex’s US $80 million investment
Aramex, the global provider of comprehensive logistics and transportation solutions, has acquired 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 said: “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.”