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FINANCIAL NEWS
Dubai’s Transworld to spend USD100m on expansion plans
03 Feb 2013
(MENAFN) The Transworld Group’s chairman, Ramesh S. Ramakrishnan, stated that the Dubai-based firm would spend around USD100 million to expand its shipping fleet and start new business verticals, reported Gulf News.
Ramakrishnan said that the logistics and shipping service provider will pay USD77 million to buy 3 bulk carrier ships, and another 3 container ships that would cost USD20 million.
The group has over 1,700 employees on payroll, across 9 locations in the Gulf Cooperation Council (GCC), 28 cities in India and one office in the US.
The company has 15 affiliate firms through which it operates.
Over the past few years, the firm has been expanding at an annual rate of between 15 percent and 20 percent due to Dubai’s location as a trans-shipment and re-export hub.
According to the Supply Chain and Logistics Group (SCLG), the UAE’s shipping and logistics sector accounts for around 14 percent of the country’s gross domestic product (GDP).
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