Emirati billionaire businessman Mohamed Alabbar, the founder and chairman of Dubai-headquartered Emaar, has resigned from his position as a board member at Dubai Financial Market-listed international logistics company Aramex.
A stock market missive reveals that Alabbar stepped down for personal reasons.
Alabbar’s resignation comes a day after another board member, Christine Holgate – who represented Australian Post Transactions Services – also stepped down.
According to Construction Week’s sister title Arabian Business, Alabbar still owns stake in Aramex through Boson Ventures Corporation and Joana Investments.
In 2018, Australian Post Transactions Services sold its 10% stake in the Dubai-listed company for $164m (AED602.4m), according to stock exchange filing at the time.
Aramex posted $134m (AED492m) net profit in 2018, a 13% jump from its 2017 results. Revenues for the company too surged by 8% to $1.4bn (AED5.1bn) during the year.
Alabbar’s Emaar has three of its units listed on the DFM, including Emaar Properties, Emaar Malls, and Emaar Development.