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Mohammad Alabbar quits Aramex board citing ‘personal reasons’

Aramex board, Aramex investors
Founder Fadi Ghandour and Facebook regional MD Ramez Shehadi remain on the board

Mohammed Alabbar, the billionaire UAE business man and Emaar owner, has resigned from the board of Aramex, according to a statement filed with the Dubai Financial Market (DFM), dated April 11. In the statement Alabbar cited ‘personal reasons’ for his decision to quit the board.

Yet another board member Christine Holgate of Australian Post Transaction Services had also resigned from the board of Aramex on April 10. Aramex had sold a 4.5 percent stake in the company to Australia Post for a reported $76 million in 2016. The founder of the company, Fadi Ghandour, and Facebook’s regional managing director Ramez Shehadi are still on the board of the company.

Aramex founder Fadi Ghandour had sold his entire 9.9 percent stake in Aramex to a group of investors including Mohammed Alabbar in 2016. At that time the stake was reportedly worth $142 million. The Alabbar-led group of investors had then acquired a total 16.45 percent stake in the Middle East logistics company.

Alabbar owns stakes in Aramex through his holding companies such as Jaona Investments and Boson Ventures. He had been trying to integrate Aramex’s logistics network with his own retail business, especially his e-commerce venture Noon.

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