Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

UAE-based Aramex eyes buying Turkish cargo firm MNG: Report

by Daily Sabah with Reuters

ISTANBUL Sep 09, 2021 - 1:40 pm GMT+3
An MNG Kargo delivery van in Marmaris, Turkey, Nov. 10, 2019. (Shutterstock Photo)
An MNG Kargo delivery van in Marmaris, Turkey, Nov. 10, 2019. (Shutterstock Photo)
by Daily Sabah with Reuters Sep 09, 2021 1:40 pm
RECOMMENDED
Demonstrators protest during a general strike by employees over pay demands, at the Berlin Brandenburg Airport (BER), in Schoenefeld near Berlin, Germany, Jan. 25, 2023. (Reuters Photo)

All flights grounded at Berlin airport over pay strike

strike-action

Aramex, a significant logistics and courier company based in the United Arab Emirates (UAE), is in advanced talks with prominent Turkish parcel service company MNG Kargo, Reuters reported Thursday citing three sources.

The potential deal could be worth as much as $500 million (TL 4.23 billion), one of the sources familiar with the matter said. The source said the talks were at an advanced stage and a second said the pair were engaged in due diligence.

"As a matter of course, we do not comment on rumor or speculation," an Aramex spokesperson said. MNG Kargo declined to comment.

Dubai-listed Aramex, in which Abu Dhabi state investor ADQ bought a 22.25% stake last year, announced this week it has split its core businesses to capture growth in the post-COVID-19 transportation and logistics industry. As part of the reshuffle, it has created a new regional structure and appointed a chief strategy officer to head its international expansion and merger and acquisition plans.

Established in 2003, MNG Kargo is one of the leading courier services companies in Turkey, owned by private equity firm Turkven and the Sancak family since 2017. The company has over 850 branches, more than 11,000 employees and 3,500 land vehicles. MNG Kargo's parent holding also operates a cargo airline consisting of six aircraft.

Previously in 2013, Austrian Post had acquired 25% stakes in another major Turkish cargo company, Aras Kargo, later increasing its shares to 80% in mid-2020.

The reported purchase comes as ties between Turkey and the UAE, which are at odds in a number of issues and regional conflicts, are showing signs of improvement. President Recep Tayyip Erdoğan held talks with UAE National Security Adviser Sheikh Tahnoun bin Zayed Al Nahyan last month that included economic cooperation and UAE investment in Turkey.

Abu Dhabi conglomerate International Holding Co (IHC.AD), of which Al Nahyan is chairperson, is seeking investment opportunities in Turkey, its chief executive officer told Reuters last month.

While political differences between the two countries run deep, Ankara has moved to ease tensions with several Arab powers over the conflict in Libya, internal Gulf disputes and rival claims to Eastern Mediterranean waters.

An Emirati official told Reuters this month the Gulf state was interested in reinforcing ties, pointing to trade and investment opportunities in transportation, health and energy.

RECOMMENDED
Demonstrators protest during a general strike by employees over pay demands, at the Berlin Brandenburg Airport (BER), in Schoenefeld near Berlin, Germany, Jan. 25, 2023. (Reuters Photo)

All flights grounded at Berlin airport over pay strike

strike-action
  • shortlink copied
  • Last Update: Sep 09, 2021 3:20 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    cargo delivery aramex mng kargo mng investment investments in turkey parcel delivery
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    Gulf Cooperation Council (GCC) states’ early diplomatic maneuvering occurred in the broader context of the nations’ strategic interests and should not be confused with unequivocal support for Russia. (Shutterstock Photo)

    Gulf states changing the face of Ukraine war

    gulf-states
    Turkish Foreign Minister Mevlüt Çavuşoğlu speaks during a press following his meeting with his Thailand's counterpart (not pictured) in Ankara, Jan. 26, 2023. (AFP Photo)

    Türkiye says pointless to restore NATO dialogue with Sweden, Finland

    nato-membership

    Far-right politician Paludan to burn Quran in Denmark

    ISLAMOPHOBIA

    Final countdown starts for state-of-the-art Istanbul Finance Center

    financial-sector
    No Image
    Growing NFT craze: World's most expensive crypto artworks
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021