Investment Round Led By Mohamed Alabbar Acquires 16% Stake In Aramex
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
Mohamed Alabbar, founder of Alabbar Enterprises, and Chairman, Emaar Properties, has led two investor groups that acquired a combined 16.45% stake in logistics major Aramex, says a Bloomberg news report. According to Bloomberg, Alabbar acquired stakes in Aramex in two modes- 9.9% ownership through Boson Ventures Corporation (of which Alabbar is mentioned to be a lead investor) that purchased shares offloaded by Aramex founder Fadi Ghandour, and another 6.55% stake through Jaona Investment LLC, by way of a direct trade worth US$119 million on the stock market. The transaction seemed to have been welcomed at the stock market as Aramex’s shares rose, even as the GCC equity markets declined. An earlier Bloomberg report on the Jaona deal attributes Alabbar’s move to his keen interest to be a part of the Middle East region’s digital future, by building a region-wide e-commerce retail business. While Alabbar’s previous acquisition of 4% ownership in luxury fashion retailer YOOX Net-A-Porter in April points to the Group’s interest in e-commerce, Alabbar Enterprises had also acquired in June a stake in Kuwait Food Company (known as Americana) for $2.36 billion, through Adeptio Investments.