08
April
2013
|
17:30
Europe/Amsterdam

Kuehne + Nagel strengthens its foothold in the Sultanate of Oman

Kuehne + Nagel took over 70 per cent of the shares of Universal Freight Services Co. LLC from the Khimji Ramdas Group in the Sultanate of Oman. This strategic transaction will enable Kuehne + Nagel to make its foray into the Sultanate as majority shareholder of a joint venture.

Since 1999 Kuehne + Nagel has been represented in Oman by the Khimji Ramdas Group as its sales agent. The new joint venture company operates under the global Kuehne + Nagel brand as Kuehne + Nagel LLC, is headquartered in Muscat and currently employs 16 people. It will provide local and international customers with integrated, IT based logistics solutions. In line with the corporate strategy, Kuehne + Nagel will focus on customised products for special industries.

The Khimji Ramdas Group, a Muscat based family owned company, established in the year 1870, runs 30 business divisions with interests ranging from agency representations of world’s leading brands to trading and manufacturing. Now owned by the fifth generation of Khimjis, it employs around 3000 people and is strongly linked to the development and expansion of the economic activity of Oman.

Werner Kleymann, Regional Manager Middle East, Turkey and Central Asia at Kuehne + Nagel: “This acquisition fits our objective to significantly expand our activities in Oman, one of the region’s key growth markets. At the same time, the establishment of a Kuehne + Nagel company in Oman underlines the exciting business opportunities in the Sultanate in light of the government’s economic development strategy as well as increasing investments from the public and private sector.”