DUBAI, UAE: Invictus Investment (ADX: INVICTUS) announced the capital expenditure of AED 2.8 million 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.
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 463 million, 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, developed transport infrastructure combined with the proximity to the sea and air ports have been key contributing factors to the growth of the cold chain business in the region,” said Amir Daowd Abdellatif, CEO, Invictus Investment.
“The move comes in line with the increased focus on expansion of commodities offerings and extensive efforts to ease movement of goods in the region.”
According to a recent study, the global specialized freight trucking market is expected to grow to USD 980.49 billion this year at a compound annual growth rate (CAGR) of 10.2% from USD 889.89 billion in 2021. The market is expected to further grow to USD 1,381.77 billion by 2026.
“Investments in warehouses, transportation solution and silos are an important part of our growth and expansion plans. This will allow us to broaden our offerings while also ensuring the future of food is secure. 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 3 billion.