Abu Dhabi sovereign wealth fund ADQ has completed its acquisition of regional courier Aramex after regulatory approval, amid efforts to boost the UAE's position as a logistics hub.
ADQ will become the majority shareholder in Dubai-based Aramex, combined with the share held by AD Ports Group, with a 63.16 per cent stake, ADQ said on Tuesday.
That is up from the 58 per cent shareholding during ADQ's initial tender offer in March. AD Ports currently holds a 22.69 per cent stake in Aramex.
Aramex, the Middle East's biggest courier company, will become part of ADQ’s transport and logistics cluster.
In January, ADQ had offered to fully acquire Aramex in a deal valuing the company at about Dh4.39 billion ($1.2 billion). At the time of the announcement, ADQ’s offer price of Dh3 per share represented a 33 per cent premium over Aramex’s stock price of Dh2.31 on the Dubai Financial Market.
Following Tuesday's announcement, Aramex's shares were up 4.48 per cent at 12.27pm.
ADQ's investment into Aramex is expected to "enhance the services layer of the logistics value chain and supports the development of end-to-end trade and supply chain solutions", said Mansour AlMulla, deputy group chief executive of ADQ.
It marks a "strategic step towards advancing our vision to build a globally integrated logistics platform anchored in the UAE ... that complement our existing investments across air, sea and land infrastructure."
The completion of the Aramex deal is the latest in a string of moves for ADQ, which is pushing to expand its local and international portfolio of assets.
Last month, ADQ announced plans to acquire a 35 per cent stake in France's Limagrain Vegetable Seeds as the UAE enters a research-intensive phase to transform farming and reduce reliance on food imports.
In March, ADQ teamed up with US private equity firm Energy Capital Partners for a $25 billion energy and data centres mega strategy, one of the latest big-ticket investments from the UAE.
It has also entered the digital asset space following an April announcement that it was partnering with IHC and First Abu Dhabi Bank plan to launch a dirham-backed stablecoin.
ADQ, formed in 2018, is a strategic partner of the Abu Dhabi government and focuses its investments on critical infrastructure and global supply chains. Its total assets were at about $251 billion at the end of 2024.
Companies in its portfolio include Abu Dhabi National Energy Company, better known as Taqa, Emirates Nuclear Energy Corporation and Abu Dhabi National Exhibitions Company.
ADQ also has a significant asset base in transport and logistics, including Abu Dhabi Ports, Etihad Airways, Abu Dhabi Airports, Etihad Rail and Abu Dhabi Aviation.
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KILLING OF QASSEM SULEIMANI
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Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
