Panalpina acquires its long-time Egyptian agent Afifi
Switzerland-based supply chain solutions provider Panalpina is to acquire its Egyptian agent Afifi, a highly respected family-owned company specialising in freight forwarding, customs clearance and logistics.
In a statement issued on Friday, the Panalpina said this represents an important step in its strategic expansion in growth economies, in particular in the Middle East and Africa.
Afifi has been Panalpina’s agent in Egypt since 1995.
Peter Triebel, Panalpina’s regional CEO for the Middle East, Africa and CIS, said: “Egypt has a lot of potential for us.
“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.”
Mohamed Afifi, Jr., designated managing director for Panalpina in Egypt, added: “After 20 years of successful cooperation, we are excited to become a full member of the Panalpina family and part of a truly global network.
“The acquisition will not only allow us to substantially increase business in our home market but also across borders, as we will now be able to offer true end-to-end solutions to our international customers.”
Afifi, which will now be fully integrated into Panalpina, was established in 1936 in Cairo by Mohamed Afifi, Sr., and employs about 150 staff in offices in Cairo, Alexandria and Suez/Sokhna. It also operates in Port Said East and West through a long-term subcontractor.
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.
Egypt is the largest non-OPEC oil producer in Africa and the second-largest dry natural gas producer on the continent.
The country plans to build an international industrial and logistics hub near the Suez Canal in conjunction with the current scheme to dig a second canal that will facilitate two-way traffic of larger ships.