Emirates Group's dnata increases stakes in Dubai companies
Emirates' sister company is now sole owner of one business and majority owner of another
Dubai: Emirates Airline’s sister company, dnata, is strengthening its position in the freight forwarding industry by acquiring additional stakes in some Dubai-based joint venture companies.
The air services provider, which works with more than 400 airlines in 84 countries, announced on Wednesday that it is now the sole owner of Dubai Express, Freightworks LLC after it has purchased another 50 per cent stake in the company.
Freightworks, which operates under the licence of Dubai Express, is a Dubai-based international multimodal freight forward, logistics and supply chain provider.
Dnata said it has also acquired a 25.5 per cent stake in Bolloré Logistics LLC, UAE from Kanoo Group LLC, making itself the majority shareholder in the said firm.
Bolloré is one of the UAE’s largest logistic solutions providers, specializing in international freight forwarding and transportation in over 100 countries.
Details of the transactions have not been disclosed, but dnata said in a statement that the current leadership teams will continue to manage the business and operations of the two firms.
Bernd Leo Struck, senior vice president for UAE cargo & DWC airline services at dnata, and chairman of Freightworks and Bolloré Logistics, said the latest investments underscore 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 as the worldwide network of Bollore Transport & Logistics as their regional partner,” he said.
“We thank our previous joint venture partner, Kanoo Group, for their long-standing partnership with dnata which lasted for over 30 years.”