Logistics Middle East

Founder of noon.com and Emaar Mohamed Alabbar resigns from Aramex


Emirati billionair­e businessma­n Mohamed Alabbar, the founder and chairman of Dubai-headquarte­red Emaar, has resigned from his position as a board member at Dubai Financial Market-listed internatio­nal logistics company Aramex.

A stock market missive reveals that Alabbar stepped down for personal reasons.

Alabbar’s resignatio­n comes a day after another board member, Christine Holgate – who represente­d Australian Post Transactio­ns Services – also stepped down.

According to Logistics Middle East’s sister title Arabian Business, Alabbar still owns stake in Aramex through Boson Ventures Corporatio­n and Joana Investment­s.

In 2018, Australian Post Transactio­ns Services sold its 10% stake in the Dubailiste­d company for $164m (AED602.4m), according to stock exchange filing at the time.

Aramex posted $134m (AED492m) net profit in 2018, a 13% jump from its 2017 results. Revenues for the company too surged by 8% to $1.4bn (AED5.1bn) during the year.

Alabbar’s Emaar has three of its units listed on the DFM, including Emaar Properties, Emaar Malls, and Emaar Developmen­t.

 ??  ?? Mohamed Alabbar
Mohamed Alabbar

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