Dubai: Logistics firm Aramex said it will pursue acquisitions both within and beyond the region to achieve growth.
Aramex is currently in talks to acquire some companies in Southeast Asia, the company's president and chief executive officer Fadi Ghandour told Gulf News.
Aramex yesterday opened its new logistics centre in the Jebel Ali Free Zone. It has invested Dh26 million in the facility built on 430,000 square feet.
"We are looking at acquisitions in Europe and the whole of Southeast Asia. China is also an interesting market," Ghandour said.
Corporate culture
He said the talks were in their early stages in Southeast Asia and he could not provide further details.
"There are plenty of companies in Asia (to acquire) and we need to find the right one that fits our business model and corporate culture," the Aramex chief said.
The company, part of Dubai-listed Arab International Logistics, last year bought British-based Priority Airfreight, Egypt's Freight Professionals, Palestinian publications distribution firm Al Khazen and Dubai-based document records management company InfoFort.
Aramex was also interested in buying LibanPost last year, but the talks were called off.
"There are some companies in the region that could be very interesting for an acquisition," Ghandour said.
"Since we went public on the Dubai Financial Market, acquisitions are a way for us to grow," the Aramex chief added. He said the express business continued to see strong growth while the logistics business could double in volume this year.
Ghandour said the company was expecting a "15 to 20 per cent revenue growth," this year.
He said Jafza provided a strategic location for the company because it gave it proximity to its client base.
Jafza CEO Salma Hareb said the Aramex move was in line with "our vision to be a global hub for advanced logistics services and a catalyst for boosting global and regional trade."
