Abu Dhabi’s ADQ acquires 22% of courier firm Aramex

Abu Dhabi-based holding company ADQ has acquired approximately 22 per cent of the issued share capital of logistics solutions provider Aramex.

Murtaza Hussain, acting chief investment officer, M&A and alternative investments at ADQ, said: “Aramex is a global leader in logistics and transportation, and will complement our logistics investments including Abu Dhabi Ports, Abu Dhabi Airport, and Etihad Rail as we work to expand the logistics ecosystem in the UAE.

“Despite the challenging market conditions, we are confident that Aramex has the right approach to continue building on its leadership position in the industry and enhances Abu Dhabi’s efforts to be a key player in international trade and logistics. With the surge in e-commerce demand this year, their on-the-ground operations and last mile capacity is an important growth area.”

The shares were acquired through a series of on-market transactions and through an off-market special deal.

Aramex posted Dhs67.4m in net profits for the first quarter ending March 31, 2020, down 38 per cent from Dhs108m in Q1 2019.

Read more: Dubai’s Aramex posts 38% dip in Q1 2020 net profit

ADQ holds a portfolio of enterprises spanning key sectors such as utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, food and agriculture, and financial services.