Aramex founder sells stake to Alabbar

Aramex PJSC founder and vice-chairman Fadi Ghandour sold his entire 9.9 percent stake in the logistics company to Gulf investors including Emaar Properties PJSC chairman Mohamed Alabbar, two people with knowledge of the the deal 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 people, who asked not to be identified because the information isn’t public. Goldman Sachs Group Inc. advised Mohamed Alabbar on the transaction, according to two of the people. The stake is worth about 523 million dirhams ($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 United Arab Emirates and the developer of Dubai’s Burj Khalifa, the world’s tallest skyscraper. Ghandour and Aramex didn’t respond to calls seeking comment. A spokesman for Goldman Sachs in London declined to comment. A spokesman for Alabbar said he couldn’t immediately comment. Aramex shares rose 5.5 percent to close at 3.81 dirhams on Tuesday in Dubai trading, the biggest gain since January. The shares have risen 19 percent in the past 10 days. A U.A.E.-based investor group led by Mohamed Alabbar in June agreed to buy a $2.36 billion stake in Kuwait Food Co., also known as Americana, which operates KFC and Pizza Hut restaurants in the Middle East and North Africa.

More from Business News