Panalpina enters into a joint venture with Al Rushaid
Global logistics service provider, Panalpina has recently entered into a joint venture with Saudi conglomerate Al Rushaid.
December 22, 2017: Global logistics service provider, Panalpina has recently entered into a joint venture with Saudi conglomerate Al Rushaid. Post the agreement, Panalpina will offer end-to-end supply chain solutions to the Al Rushaid group by combining its services in air and ocean freight, customs clearance, as well as warehousing and distribution, pending regulatory approval.
A per the press release from the company, the newly formed Panalpina Al Rushaid joint venture will also expand its services to other firms in the kingdom, tapping into the potential of the Saudi freight forwarding and logistics market with an estimated turnover of US $20 billion.
As one of the leading suppliers of Saudi Aramco, Al Rushaid is governed by the national oil company’s in-kingdom total value-add program (IKTVA). Al Rushaid provides a wide range of services through its joint ventures and subsidiaries to companies that are active in industries such as oil and gas, manufacturing, construction, engineering, trading, commercial real estate and technology.
“The IKTVA is an ambitious program. In Panalpina, with its local and global presence and vast experience across many industries, we have found the right logistics partner to help us take our domestic and international business to the next level,” says Abdullah Al Rushaid, chairman Al Rushaid Group.
“We have a very motivated and experienced team here eager to support Al Rushaid with achieving the group’s business and IKTVA objectives,” added Stefan Karlen, CEO, Panalpina.
The joint venture between Al Rushaid and Panalpina was officially sealed at the IKTVA Forum 2017, which was held in Dammam from December 12 to 14, 2017.
