Dubai: Agility, a Dubai-listed logistics provider, announced on Tuesday it has acquired a two-storey warehouse close to Singapore’s Changi International Airport, giving the company over 600,000 square feet of warehouse space in the Southeast Asian country.
Agility said in a statement that the newly-acquired 177,000-square-foot warehouse is located in an area with access to various logistics services and two major expressways.
Mykell Lee, Agility’s chief executive officer in Singapore, said the company’s decision to invest 25.5 million Singapore dollars (Dh66.95 million) in the warehouse is a sign of belief in Singapore as one of the world’s main transportation and shipping hubs.
He said the acquisition gives Agility more capacity to add to its service offering. The company is planning to add new services such as automated quality inspections, container-management e-system, and a recycling program for packing materials, among others.
Agility’s acquisition comes as Singapore is expanding and upgrading port and airport infrastructure as part of its plans to strengthen its position as a global logistics powerhouse.
On Monday, Agility also released its full consolidated financial results for 2016. The company recorded 59 million Kuwaiti dinars (Dh708.84 million) in profit attributable to equity holders of the parent company, up from 53 million Kuwaiti dinars a year earlier.