KUEHNE & NAGEL TAKES MAJORITY STAKE IN IBRAKOM
Kuehne & Nagel International AG, a Swiss provider of freight forwarding and logistics services, said Tuesday it had acquired a 60-percent ownership stake in Ibrakom, a freight forwarder based in Dubai.
Kuehne & Nagel also has an option to buy the remaining shares in Ibrakom, which operate as a joint venture under the name KN Ibrakom with 400 employees.
“This acquisition is a major step in enhancing our operations in Central Asia and the Middle East,” said Werner Kleymann, Kuehne & Nagel’s regional director for the Middle East.
Kuehne & Nagel, based in Schindellegi, Switzerland, now has access to Afghanistan, Georgia, Iran, Kazakhstan, Kyrgyzstan, Uzbekistan and Turkmenistan, as well as its long-term operations in Azerbaijan, Turkey and the United Arab Emirates.