UAE – Mubasher: AD Ports Group and Aramex have inked a joint venture (JV) agreement to establish and operate a new non-vessel operating common carrier (NVOCC) enterprise, according to a press release.
The entity will provide NVOCC solutions to the freight forwarding industry players, servicing their ocean-bound container cargo. It will also handle captive cargo from the DFM-listed company and offer tailored solutions to the needs of third-party freight forwarders.
The JV aims to further boost shipping connectivity across the GCC, Indian as well as East and West African markets with a target of 10,000 containers in the short term. The number of containers is expected to increase in the medium to long term.
AD Ports holds a majority stake of 51% in the new JV, which aligns with the ADX-listed group’s strategy to leverage its synergistic capabilities by building supply chain density along key trade routes and enhancing its assets in its capital-intensive businesses.
In the first quarter (Q1) of 2023, the net profits attributable to the owners of AD Ports climbed by 9% to AED 330.93 million from AED 304.92 million in Q1-22.
Meanwhile, Aramex generated AED 23.90 million in net profit during Q1-23, lower by 49% year-on-year (YoY) than AED 47.30 million.
