{"id":70793,"date":"2023-05-16T00:00:00","date_gmt":"2023-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/16\/aramex-ad-ports-establish-freight-forwarding-focused-jv\/"},"modified":"2023-05-16T00:00:00","modified_gmt":"2023-05-16T00:00:00","slug":"aramex-ad-ports-establish-freight-forwarding-focused-jv","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/16\/aramex-ad-ports-establish-freight-forwarding-focused-jv\/","title":{"rendered":"Aramex + AD Ports establish freight forwarding-focused JV"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Aramex + AD Ports establish shipping JV:<\/span><span style=\"\">Dubai-listed logistics provider <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aramex.com\/us\/en\" style=\"\">Aramex<\/a><\/span><span style=\"\"> and <\/span><span style=\"\">the UAE\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adports.ae\/\" style=\"\">AD Ports<\/a><\/span><span style=\"\"> are establishing a joint venture to develop and operate a non-vessel operating common carrier (NVOCC) enterprise<\/span><span style=\"\">, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aramex.com\/us\/en\/investor-relations\/news-events\/details?contentid=49779a88-b3f2-659d-9310-ff0100e7fe0c&module=stories\" style=\"\">press release<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SOUND SMART- <\/span><span style=\"\">An NVOCC freight forwarder is an ocean carrier that performs all the roles of a carrier, but does not own its own vessels, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ups.com\/us\/en\/supplychain\/insights\/knowledge\/glossary-term\/nvocc.page#:~:text=What%20is%20a%20Non%2DVessel,Lading%20to%20contract%20with%20customers.\" style=\"\">UPS<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The details: <\/span><span style=\"font-weight:400;\">The JV will service oceanbound container cargo for freight forwarders across the GCC, Indian, and East and West African markets, providing them with \u201ctailored solutions,\u201d the statement said, without clarifying what the services are. The JV has a target of servicing some 10k containers in the short term, with plans to increase this number in the future, according to the press release. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Ownership breakdown:<\/span><span style=\"font-weight:400;\"> AD Ports will hold a controlling 51% stake in the JV, while Aramex will hold a 49% stake.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Background: <\/span><span>AD Ports acquired a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2022\/02\/01\/ad-ports-group-holds-stakes-in-aramex-and-nmdc\" style=\"\">22.32<\/a><\/span><span>%<\/span><span style=\"font-weight:400;\"> stake in Aramex back in February last year, as a strategic move  to develop the maritime and logistics industries across the region and globally,\u201d AD Ports CEO and Managing Director Mohamed Juma Al Shamisi said at the time of the acquisition.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The JV will service some 10k container cargo in the short-term<\/p>\n","protected":false},"author":1,"featured_media":70794,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[778],"tags":[168,154,17,34,33],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime","tag-ad-ports","tag-aramex","tag-enterprise-logistics","tag-maritime","tag-shipping","wpautop","entry"],"acf":{"mongo_id":"8430a747-1ee5-4792-9194-9369d3d5a932","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/846.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramex + AD Ports establish freight forwarding-focused JV","related_issue":[70786],"teaser":"The JV will service some 10k container cargo in the short-term","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.dff1301d-a722-4b7e-9ce0-696ddf474df2.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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