Investment Corporation of Dubai launches supply chain logistics firm

The Dubai government’s investment arm, Investment Corporation of Dubai (ICD), on Wednesday announced the split of Inchcape Shipping Services Holding Ltd into two standalone companies.

New wholly-owned subsidiary ISS Global Forwarding will focus on global freight forwarding and contract logistics and projects, ICD said.

The company is headquartered in Dubai Airport Free Zone, located adjacent to the emirate’s aviation hub Dubai International Airport, and will operate out of 18 countries across the Middle East, Africa, Europe, India and Turkey initially.

Expansion is planned to Asia Pacific, China and Singapore.

Former DHL regional executive Enver Morretti has been appointed to lead the firm.

“We are confident in the future global growth opportunities presented by the supply chain logistics industry,” said ICD CEO and executive director Mohammed Ibrahim Al Shaibani.

It is believed Inchcape Shipping Services will continue operating as a marine services unit.

The firm’s CEO Simon Morse stepped down in June and was replaced by chief operating officer Frank Olsen in an acting role.