Aramex has suspended talks to set up logistics areas in Egypt one month after announcing it was seeking a partnership with Egypt’s Orascom Telecom Media and Technology (OTMT) for the project.
The Dubai-based courier company did not reveal the reason behind the delay, and declined to comment further. OTMT could not be reached for comment.
In a statement to the Dubai Financial Market, Aramex said its board of directors had reviewed the partnership proposal and decided to delay making a decision.
On September 8, OTMT told the Egyptian stock exchange that it aimed to establish five logistics areas in five Egyptian governorates with an investment of 1 billion Egyptian pounds (Dh461 million).
OTMT said its tie-up with Aramex would set up a joint venture, with OTMT holding a 51 per cent stake and Aramex 49 per cent.
OTMT is a holding company with investments in Egypt, North Korea, Lebanon, and countries in the Middle East and North Africa.
dalsaadi@thenational.ae
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