Dubai: Dubai-based logistics firm Aramex said yesterday it had entered into a joint venture with China's Sinotrans Air Transportation Development Co (Sinoair), as it seeks to expand into key emerging markets in Asia.
Aramex, in an e-mailed statement, said the joint venture will be equally owned by the two companies and help meet growing demand for transportation between China and the Middle East, the Indian subcontinent and Africa.
Sinoair, which is listed on the Shanghai bourse, is a provider of freight forwarding, international and domestic express, cargo transportation and logistics services in China.
"The formation of Aramex Sinoair not only expands and strengthens our operations in China and neighbouring East Asian economies, but also gives us the ability to serve our global clients better, and opens up enormous new opportunities for us," Aramex chief executive officer and founder Fadi Ghandour said.
Aramex shares closed flat yesterday at Dh1.78 on the Dubai bourse.
The company said Aramex Sinoair offices in Shanghai are already fully operational, with additional locations to open in Beijing, Guangzhou and other major Chinese cities to serve both the domestic and international markets.
Aramex in October posted a three per cent year-on-year rise in third-quarter net profit to Dh48 million.
