Dubai-listed logistics company Aramex has signed a joint venture agreement with Abu Dhabi’s fast expanding AD Ports Group to create a non-vessel owning common carrier (NVOCC).
The new entity, 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.
AD Ports has been very busy expanding its revenue streams in recent months, forming logistics tie-ups with a number of Central Asian nations, entering the tanker sector, bolstering its dry bulk fleet, alongside a host of new port concession agreements.
