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UAE’s dnata raises stakes in 3 JVs

UAE’s dnata raises stakes in 3 JVs
The financial details of the deals have not been disclosed

Dubai – Mubasher: The UAE’s leading air services provider dnata announced raising its ownership in three of its joint venture (JV) firms in the emirate of Dubai.

The airline services arm of Emirates purchased an additional 50% stake in each of Dubai Express and Freightworks to be its sole owner, dnata said in a statement on Wednesday.

Dnata also holds now a majority stake of 51% in Bolloré Logistics, UAE after acquiring a 25.5% stake from Kanoo Group.

“This strategic investment underlines dnata’s commitment to the freight forwarding industry and its growing importance,” dnata’s senior vice president of UAE Cargo and Dubai World Central (DWC) Airline Services and chairman of Freightworks and Bolloré Logistics stated.

The Dubai-based air services provider is “driven to provide superior services to the regional market as well the worldwide network of Bolloré Transport & Logistics as their regional partner,” Bernd Leo Struck added.

The financial details of the deals have not been disclosed as agreed by all parties.

Founded in 1976, Freightworks is operating under the licence of Dubai Express as an international multimodal freight forwarder, logistics and supply chain provider.

As one of the UAE's largest logistics solutions providers, Bolloré Logistics operates in 106 countries.