Aramex acquires Saudi TAL for $80m

officer of Aramex, said Saudi Arabia holds “significant growth potential” for the company, being the largest market in the Middle East.

‘No impact on revenue’

he said in a statement.

Obaid added that the acquisition of Saudi TAL supports the Kingdom’s Vision 2030, which aims to encourage investment in the private sector and economic diversification.

Aramex last month said it will sell a 60 per cent stake in its joint venture with Australia Post for $20 million.

The company said the sale will not have “any impact” on its revenue, though it will incur a one-time write-off of $13 million.