Midex launches $500 million airfreight fund

MIDDLE Eastern cargo carrier, Midex Airlines, has launched a fund worth AE$1.8 billion (US $500 million) so it can invest in airfreight in the region over the next five years.“The Midex Investment Fund [is] a major step to exploring the promising investment potentials…[of] the airfreight map, not only in the region but all over the world,” said Jasem Albastaki, Midex’s director general.“Airfreight is the best, fastest and, at the same time, the least costly means of transport in the United Arab Emirates, which at present is witnessing rapid economical growth that has made it the optimal destination to attract foreign investments.”The fund will look to invest in a variety of aviation companies, notably airport services and facilities.“Through taking measures like launching this fund,” added Albastaki, “the company is determined to develop its capacities in the airfreight sector by making acquisitions to acquire shares in global firms that operate in the aviation field.”Issam Khairallah, president of Midex Airlines, said: “Our target is other companies who would also like to launch in the aviation industry in the Emirates. We are today the largest privately owned cargo operator in the Middle East and Europe and many people are coming to use to either to purchase or lease aircraft for them.”

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