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Global private equity funds group acquires controlling stake in Kuwait logistics firm

The private equity funds group of Kuwait-based Global Investment House has announced the acquisition of a controlling stake in Jassim Transport & Stevedoring.

The private equity funds group of Kuwait-based Global Investment House has announced the acquisition of a controlling stake in Jassim Transport & Stevedoring.

Established in 1979, JTC is one of Kuwait’s largest integrated logistics companies offering end-to-end business solutions including cargo and container stevedoring, warehousing, heavy lifting, transportation and equipment leasing. 

The company holds the leading share of the commercial stevedoring business in Shuwaikh Port, Kuwait’s main commercial port. 

JTC also manages the largest fuel distribution operation in the Middle East, operating close to 1,000 fuel tankers to customers including Kuwait National Petroleum Company and the US Military.

Omar El Quqa, executive vice president at Global, says: ‘This is another landmark transaction to be executed by our private equity arm, which shows Global’s strong confidence in the fundamentals and the outlook of the Kuwaiti and the whole GCC economy.’ 

Shailesh Dash, senior vice-president and head of the private equity funds group at Global, says: ‘We are very proud to announce the completion of this transaction and our affiliation with such prominent partners as the Boodai family. We see JTC as a compelling platform to expose the fund to the logistics and equipment rental markets in the region and to further consolidate and regionalize the industry. We also see the potentiality to help growing JTC in new markets by leveraging on our relationships and track record in managing and supporting private companies within the region.’

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