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Saudi-backed Manara Investments Ltd, (Manara) has acquired an effective 21 per cent equity stake in Istanbul-based cargo carrier ACT Airlines.
The carrier is now focused on enhancing its business within the rapidly expanding economies of the MENA Region, Eastern Europe, Central and South Asia.
Manara is a newly established investment vehicle sponsored by four leading Saudi business groups.
Adeeb Ahmad, representing Manara, said: "With its highly experienced management team and a focus on providing world class air cargo services to some of the world's fastest growing economies, we have no doubt that ACT is well positioned to take advantage of emerging opportunities. Manara is delighted with this new strategic partnership and we expect ACT Airlines to become a leading regional and international player."
Yavuz ‚izmeci, from ACT Airlines, shared the optimism saying, "This new partnership brings our investor base to a multinational level reflecting our unique way of bridging cultures; just as our home base of Istanbul links two continents. We are pleased to be aligned with a visionary group such as Manara."
