Aramex, the biggest courier company in the Middle East, is selling its data, technology and analytics firm InfoFort to US-based information management specialist Iron Mountain.
Aramex signed a "definitive and binding agreement" with a subsidiary of Iron Mountain, to sell InfoFort, which is among the largest information management solutions providers in the Middle East, North Africa and Turkey region.
The asset disposal will strengthen Aramex's balance sheet and result in a more focused group, consistent with management's long-term strategy to strengthen core logistics solutions services, the company said in a statement on Thursday to the Dubai Financial Market where its shares trade.
"[The] sale of InfoFort is a major milestone for Aramex," Bashar Obeid, chief executive of Aramex, said. "We are pleased that Iron Mountain recognises the strength and position of InfoFort as a market leader in the region, as well as its future potential."
InfoFort represents less than 5 per cent of Aramex's assets, the company said in a separate filing to the bourse. The total value of the deal will be disclosed upon completion of the transaction, but Aramex said the expected gain is between $6 million to $9m.
InfoFort was founded by Rabea Ataya, the founder of online recruitment platform Bayt.com, in 1997 and was the Middle East's first data management company. It was sold to Aramex in 2005 for Dh51m ($13.9m).
The deal is subject to regulatory approval, and Aramex will announce financial details in the third quarter of 2021, when it expects the transaction to be finalised. Rothschild acted as financial adviser to Aramex, while Herbert Smith Freehills acted as legal adviser on the deal.
Aramex is 22.55 per cent owned by Abu Dhabi’s ADQ, one of the region’s largest holding companies. ADQ built its stake in the regional logistics giant through a series of on-market transactions and through an off-market special deal, it said in September.
Aramex reported a 59 per cent drop in its third-quarter net profit to Dh46.2m.
It attributed Dh53m in losses on property damages and customer goods due to the August Beirut Port blast in Lebanon and a warehouse fire in Morocco, as the reason for decline in profitability. Without these losses, the company's net profit would have only been down by an annual 13 per cent, it said in a November 5 statement.
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Martin Amis,
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Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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SHAITTAN
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It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
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EA Sports FC 26
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Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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W. W. Norton & Company
