Panalpina has announced that it is set to acquire its Egyptian agent Afifi, a family-owned company specializing in freight forwarding, customs clearance and logistics. The move is part of Panalpina’s expansion in growth economies, in particular in the Middle East and Africa. Afifi has been Panalpina’s agent in Egypt for the last 20 years.
“Egypt has a lot of potential for us,” said Peter Triebel, Panalpina’s regional CEO for the Middle East, Africa and CIS. “By uniting with our long-standing partner Afifi, we will increase our foothold in this attractive market and lay a strong foundation for growth. Afifi has a solid customer base in Egypt, as well as a strong track record and reputation in local customs brokerage and projects work.”
Afifi employs around 150 staff in offices in Cairo, Alexandria and Suez. It also operates in Port Said East and West through a long-term subcontractor. Afifi will be fully integrated into Panalpina. The two companies reached a respective agreement on May 28, 2015, under which Panalpina will acquire 100% of Afifi.
While all major industries are represented in Egypt, Panalpina sees the greatest growth potential in the oil and gas, capital projects, telecom, automotive and healthcare sectors.
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