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UPDATE 1-Dubai's Aramex sets up e-commerce company with Australia Post
October 3, 2016 / 11:47 AM / a year ago

UPDATE 1-Dubai's Aramex sets up e-commerce company with Australia Post

(Adds context, Alabbar ambition)

DUBAI, Oct 3 (Reuters) - 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)

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