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.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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