(Adds context, Alabbar ambition)
DUBAI Oct 3 Dubai-based logistics firm Aramex
said on Monday it had established an e-commerce joint
venture with state-owned Australia Post, in a move that could
herald a new expansion drive by the Dubai company.
Aramex owns 60 percent of the Singapore-based venture while
Australia Post has 40 percent, Aramex said in a bourse statement
without giving a value for the investment.
In July this year, Dubai billionaire Mohamed Alabbar led two
investor groups that bought a combined 16.45 percent stake in
Aramex, while Australia Post bought 4.5 percent of Aramex at
roughly the same time.
A source familiar with Alabbar's deal said at the time that
he was keen to harness Aramex's footprint in logistics and
transport to build an e-commerce platform across the Arab world
in areas such as banking and retail.
(Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia)