Aramex, the biggest courier company in the Middle East, completed the sale of its data, technology and analytics firm InfoFort to US-based information management specialist Iron Mountain for $91 million.
The company has transferred shares of InfoFort to Iron Mountain, it said in a statement on Thursday to the Dubai Financial Market, where its shares are traded.
The company, however, is still awaiting approval in Algeria from the relevant regulatory authority and is “continuing to co-operate with Iron Mountain” on the transaction, according to Aramex.
The financial impact of the transaction will be "reflected on the company’s consolidated financial statements at the end of third quarter of 2021”, Aramex said.
InfoFort was founded by Rabea Ataya, 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).
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 an off-market special deal.
Last week, Aramex said it adopted a new operational structure, in which it split its core businesses into Aramex Express and Aramex Logistics to capture a greater market share of the global logistics industry.
As part of the reorganisation, it appointed Johannes Distler as chief strategy officer, a newly created role to ensure the development and execution of Aramex’s corporate strategy, as well as the group’s international expansion and mergers and acquisitions agenda.
The company is also in talks to potentially acquire Turkish transportation company MNG Kargo to expand its business.
Aramex was founded in Jordan by Fadi Ghandour in 1982 and was the first company from the Arab world to list on the Nasdaq Stock Market. It delisted in 2002 and went public again in 2005 and is currently listed on the Dubai Financial Market. Mr Ghandour sold his remaining shares in Aramex in 2016.
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Name: Peter Dicce
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Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
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- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
