Aramex acquires Saudi Arabia-based company, Saudi TAL for Commerce and Contract Company for USD80 million.
Commenting on the acquisition, Bashar Obeid, chief executive officer of Aramex says: “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.”
Aramex announced in December the launch of a crowd-based delivery platform, Aramex Fleet, in Saudi Arabia. The company said that the new service aims to deliver Saudi nationals employment opportunities in flexible last-mile delivery duties.
With the move, Aramex said it became the first among major international logistics and transportation providers to integrate such a service in the Middle East and North Africa, with plans to introduce the platform to at least 10 more countries over the next 12 months.
Established in 1982 as an express courier services, Aramex has grown its operations in 65 countries around the world. The company, the first from the Arab world to list on the Nasdaq before delisting to go private and later listing on the Dubai Financial Market, is seeking growth opportunities as it realigns its portfolio subsidiaries.