Dubai-based Logistics company Tristar is planning to raise around $160 million in its initial public offering (IPO), media reports said. The company will sell 24 percent of its shares on the Dubai Financial Markets (DFM) next month. Tristar is co-owned by Kuwait’s Agility, Kuwait’s Gulf Investment Corporation (GIC) and its chief executive and founder, Eugene Mayne.
The offering is expected to comprise 199,000,000 new shares issued by Tristar as well as up to 88,760,000 existing shares to be sold by shareholders.
Earlier this year, UAE-based IQ Robotics, which is a part of the IQ Fulfillment group, is joining hands with China’s LiBiao Robotics to boost the Middle East and North Africa (MENA) region’s logistics sector. Both parties will collaborate to make further advancements in artificial intelligence (AI) and machine learning, to prepare the economy for a contactless future.
In this regard, Xia Huiling, chief executive officer of LiBiao Robotics told the media, “The MENA region is a very important market globally as it connects Asia and Europe. It’s well-known that the MENA ecommerce market is growing rapidly and has accelerated even more during the global pandemic.
“We believe that it will keep growing for the coming decade and this opens a huge scope for automatic applications with robots. IQ Robotics is a leading robotic company in this region and a pioneer in MENA which makes it a win-win scenario as we will now work closely for shared success in the regional market. We are looking forward to shape the future together with IQ Robotics.”