Aramex acquires Saudi-based company for $80 mln

Dubai-based Aramex on Sunday announced the acquisition of Saudi Arabia-based Saudi TAL for Commerce and Contract Company Ltd for approximately $80 million.

Saudi Arabia is Aramex’s largest market in the Middle East and holds significant growth potential for the business, the company said in a statement.

“Our acquisition of Saudi TAL supports Saudi Arabia’s Vision 2030, which aims to encourage private sector investment to diversify the economy,” said Bashar Obeid, Chief Executive Officer of Aramex.