Kuehne + Nagel acquire shares in Oman operations
Kuehne + Nagel (KN) has acquired 70 percent of the shares in Universal Freight services in the Sultanate of Oman.
Following the purchase form the Khimji Ramdas Group, KN hopes to develop a greater presence in the Sultanate of Oman as the 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.
The new venture 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 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.”