UAE in focus—Dubai-listed Aramex acquires MyUS in $265m deal

UAE in focus—Dubai-listed Aramex acquires MyUS in $265m deal

RIYADH: Dubai-listed courier firm Aramex has bought Access USA Shipping LLC, also known as MyUS, in a $265 million all-cash deal. As per the acquisition, MyUS will be fully integrated into Aramex’s business, operating as a unit within the company’s courier business segment. Abu Dhabi sovereign wealth fund, known as ADQ, holds a 22.32 percent stake in Aramex. DP World hosted ‘India-UAE Bridge; Dubai – India’s Gateway to the World,’ an initiative to showcase the role of Jebel Ali Port and Free Zone in boosting non-oil trade between the UAE and India to $100 billion over the next five years. This aligns with a Comprehensive Economic Partnership Agreement signed between the two countries in February 2022, according to the Government of Dubai Media Office. The CEPA agreement was signed to eliminate tariffs on more than 10,000 products and services over the next 10 years, which will have a positive impact on trade between the two countries and the wider Gulf region. After the CEPA came into force in May 2022, India’s non-oil trade with the UAE witnessed a 14 percent increase during the July to August 2022 period. Dubai-based mobility and transport solutions provider Swvl will take measures to prevent