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Aramex founder 'sells stake to Alabbar, others'

DUBAI, July 27, 2016

Aramex founder and vice-chairman Fadi Ghandour sold his entire 9.9 per cent stake in the logistics company to Gulf investors including Emaar Properties chairman Mohamed Alabbar, a report said.

The purchase was made through Alabbar Enterprises at above the market price, and the family company is buying additional shares in the Dubai-listed courier on the stock exchange, said the Bloomberg report quoting two people with knowledge of the deal.

Goldman Sachs Group Inc advised Mohamed Alabbar on the transaction, according to two of the people. The stake is worth about Dh523 million ($142 million) at Monday’s closing price.

The holding will help Alabbar Enterprises build a regional, web-based business, including in fashion retail, by giving it access to a distribution company. Emaar is the biggest publicly traded real-estate company in the UAE and the developer of Dubai’s Burj Khalifa, the world’s tallest skyscraper, added the report.




Tags: | Aramex | investors | Alabbar |

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