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An investment vehicle said to be backed by Emaar Properties PJSC Chairman Mohamed Alabbar bought a stake in one of the Middle East’s biggest logistics companies, adding to a portfolio that includes holdings from retail to food.
Boson Ventures Corp. bought 9.9 percent of Dubai-based Aramex PJSC as founder Fadi Ghandour offloaded his entire interest in Levant Logistics, which held the stake, according to a statement posted on the emirate’s bourse on Sunday. The statement didn’t give a per-share value for the transaction.
Alabbar has been accumulating investments through private ventures. In April, Alabbar Enterprises bought 4 percent of Yoox Net-a-Porter for 100 million euros ($113 million) and two months later its Adeptio AD Investments SPC Ltd.acquired a stake in Kuwait Food Co., known as Americana, for $2.36 billion.
Last week, Jaona Investment LLC, which a person familiar with the matter said also is led Alabbar, bought a 6.55 percent stake in Aramex for 437.6 million dirhams ($119 million). This brings Alabbar’s total holding in Aramex to 16.45 percent.
Alabbar also is considering a string of e-commerce investments, Arabian Business reported. Aramex, which has been focusing on expanding its e-commerce business, could be the first of several such acquisitions, the reportsays, without citingunidentified sources.
Aramex said last week that second-quarter profit rose 36 percent to 125.7 million dirhams. Europe, Asia and Australia were the biggest contributors to growth. Revenue increased 17 percent to 1.1 billion dirhams.
Aramex shares rose 2.5 percent, to the highest level since 2016. Emaar shares dropped 0.9 percent at the close.