Dubai-based air services provider Dnata has strengthened its position in the UAE and international freight forwarding industry by increasing its ownership in two of its joint venture companies.
Dnata said it has purchased a 50% stake in Dubai Express, Freightworks and a 25.5% stake in Bolloré Logistics, UAE from Kanoo Group.
As a result of the transaction, Dnata is now the sole owner of Dubai Express, Freightworks and holds a majority stake of 51% in Bolloré Logistics, UAE, it added in a statement.
The parties have agreed not to disclose the details of the transaction. The current leadership teams will continue to manage the business and operations.
Bernd Leo Struck, senior vice president UAE Cargo and DWC Airline Services, Dnata, and chairman of Freightworks and Bolloré Logistics, said: “This strategic investment underlines Dnata’s commitment to the freight forwarding industry and its growing importance. We are driven to provide superior services to the regional market as well the worldwide network of Bolloré Transport & Logistics as their regional partner.”
Freightworks, operating under the licence of Dubai Express and established in 1976, is a Dubai-based international multimodal freight forwarder, logistics and supply chain provider.
Bolloré Logistics, UAE is one of the UAE's largest logistics solutions providers and operates in 106 countries.
Source: Arabian Business