Fadi Ghandour, the founder of Dubai-based Aramex, reportedly plans to raise up to $500 million for a second venture capital fund to invest in e-commerce business in the Middle East.
Ghandour, who has sold his stake in the logistics company, will close Wamda Capital’s first $70 million fund soon, he said in an interview with Bloomberg TV.
The fund will target an average investment of $250,000 to $5 million in the early and growth stages of e-commerce and technology companies, he said in comments published by local media.
As Wamda’s chairman, Ghandour said he will start fundraising next year for Wamda II, with a target size of $300 million to $500 million that will extend investments to Turkey and Pakistan.
“E-commerce is happening in the region, it’s growing massively,” Ghandour told Bloomberg TV. “There’s about 200 million people in the region that are online. They are transacting. They are effectively building the next economy. I’m betting on those.”
A source familiar with the deal said Emaar chief Mohamed Alabbar led two investor groups in buying a combined 16.45 percent stake in Aramex.
Alabbar was a lead investor in Boson Ventures Corporation, which purchased the entire 9.9 percent share that Ghandour held in the company through Levant Logistics Holdings, the source said.
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