Latest investment to boost movement of commodities between the UAE, Saudi Arabia and Sudan
UAE’s Invictus Investment recently announced the capital expenditure of AED 2.8mn (US$ 0.76mn) to procure a fleet of over 8 refrigerated trucks to enable movement of perishable goods between Sudan, UAE and Saudi Arabia.
The purpose-built vehicles will transport key items such as chilled meat of lamb, beef, and goat along with fruits. This is the first key procurement to ramp Invictus Investment’s offering and expand services in the climate-controlled transport and storage facilities with asset allocation a continued focus, a press communique indicated.
Earlier this year, Invictus Investment also entered into a joint venture with AD Ports Group’s SAFEEN Feeders to launch an international dry bulk shipping centre at an initial commitment of AED 463mn (US$ 126mn), cumulatively, for five ships of varying sizes.
Invictus’ dry-bulk trading business currently ships more than three million tonnes of commodities annually, primarily wheat and complementary grains.
“The rising urban population combined with the proximity to the sea and airports have been key contributing factors to the growth of the cold chain business in the region,” affirmed Amir Daowd Abdellatif, CEO, Invictus Investment.
“At Invictus investment, we are committed to connecting producers and consumers between the UAE and Saudi Arabia in a cost effective and timely manner,” he added.
Established in 2014, Invictus Investment listed in the Abu Dhabi Securities Exchange (ADX) in June 2022 with an initial valuation of AED 3bn (US$ 816.77mn).