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.
India UAE trade set to surge
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.
Swvl takes steps to prevent Nasdaq delisting
Dubai-based mobility and transport solutions provider Swvl will take measures to prevent its stock from being delisted from the Nasdaq Stock Exchange, its CFO told Alarabiya.
Youssef Salem said that the company is subject to delisting due to the regulations that stipulate that the stock has fallen to a level of less than one dollar over 30 consecutive sessions.
This happens as Swvl’s stock slipped below $1 over 19 consecutive sessions, to record $0.56 at the end of last Friday’s session.
He explained that there is no impact on the company’s operational business and that it justifies the reduction of employment by not achieving profitability in the places where it is located.
Salem added that there are different ways to support the share price, most notably the process of aggregating shares.
The second option is the stock itself recovering with the improvements of the markets and reaching required levels.