Alpha Oryx, a company related to investment holding conglomerate ADQ, has transferred a 22.32 per cent stake in Aramex to Abu Dhabi Ports Group.
ADQ, one of the region’s biggest holding companies, took the stake in Aramex in September, building on its portfolio of strategic investments. Alpha acquired the shares through a series of on-market transactions and an off-market special deal.
The stake in the biggest courier company in the Middle East is now controlled by ADQ subsidiary Abu Dhabi Ports Group, which did not previously own shares in Aramex, Alpha said in statement to the Dubai Financial Market.
In October, France's parcel delivery company GeoPost, a holding company owned by Le Groupe La Poste, bought a 20.15 per cent stake in Aramex. The acquisition of 295 million shares was valued at Dh1.4 billion ($381m), according to a filing on the DFM at the time.
Aramex was founded by Fadi Ghandour in 1982 and was the first company from the Arab world to list on the Nasdaq. It later delisted in 2002 and went public again in 2005 and is currently listed on the Dubai Financial Market. Mr Ghandour, the executive chairman of Wamda Capital, a venture capital fund that invests in technology-enabled companies across the Arab world, sold his remaining shares in Aramex in 2016.
In November, Aramex said the global economic recovery and higher oil prices will boost the growth of logistics and freight-forwarding business in 2022, as it reported a 47 per cent jump in third-quarter net profit to Dh67.8m, compared with the same period the previous year.
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Tips to stay safe during hot weather
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MATCH INFO
Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')
Aston Villa 0
Red card: Fernandinho (Manchester City)
Man of the Match: Raheem Sterling (Manchester City)
UAE currency: the story behind the money in your pockets
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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