Dubai entrepreneur Mohamed Alabbar, who is chairman of Emaar Properties, has led two investor groups in buying a combined 16.45 per cent stake in Dubai-based courier Aramex, part of a plan to build an e-commerce platform across the Arab world, according to a source familiar with the matter.
Alabbar was a lead investor in Boson Ventures Corporation, which purchased the entire 9.9 per cent share that Aramex founder Fadi Ghandour held in the company through Levant Logistics Holdings, the source said.
Ghandour sold the stake to Cayman Islands-registered Boson, it was announced earlier on Sunday in a bourse filing that did not give a value of the sale or elaborate further.
Alabbar was also a lead investor in Jaona Investment, which acquired a 6.55 per cent stake in Aramex, according to a bourse statement on Thursday.
The other investors in the two groups were Gulf-based, the source said, speaking on condition of anonymity due to the sensitivity of the matter.
Aramex shares rose on the news, extending an 11-day winning streak. They gained 2.5 per cent to close at Dh4.10 as the broader Dubai Financial Market declined.
Mohamed Alabbar leads investors behind 16.45% Aramex stake buy
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