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Logistics firm J&T Express will jointly build the largest smart logistics industrial park in the Middle East and North Africa together with venture capital firm eWTP Arabia Capital and other partners in Saudi Arabia.
J&T Express, an international express logistics company, announced the launch of its express network in the United Arab Emirates (UAE) and Saudi Arabia on Friday.
According to three sources, J&T Express, an Indonesian courier company, has received $2.5 billion in its latest round of financing, and is now valued at about $20 billion.
Xiao Jun, Vice President of JD.com and President of JDX Department, has recently departed from the company. JDX Department is the technical lab of JD.com, responsible for studying smart warehousing and logistics systems and unmanned technology.
J&T Express is reportedly negotiating with Tencent Holdings to potentially raise $1 billion. Tencent announced on Wednesday that the rumor was not true.
J&T Express and BEST Inc. reached an agreement on Friday to acquire the latter's express delivery business in China at a price of $1.1 billion.
According to media reports on Wednesday, J&T Express has completed a C1 round of financing worth $1.735 billion, bringing its valuation to $19.77 billion. J&T Express denied the report.