Aramex founder to invest in tech startups after stake sale

The founder of Dubai-based logistics company Aramex, Fadi Ghandour, plans to raise nearly $500 million dollars for a second venture capital fund to invest in the e-commerce business in the Middle East, he told Bloomberg in an interview.

Ghandour is closing Wamda Capital’s first $70 million fund soon and will start fundraising next year for Wamda II, with a target size of $300 million to $500 million that will extend investments to Turkey and Pakistan.

The fund will target an average investment of $250,000 to $5 million in the early and growth stages of e-commerce and technology companies, Ghandour, who is also the chairman of Wamda, said.

“E-commerce is happening in the region, it’s growing massively,” Ghandour was quoted as saying. “There’re about 200 million people in the region that are online. They are transacting. They are effectively building the next economy. I’m betting on those.”

Earlier this week, Ghandour sold his stake in Levant Logistics, which owns 9.9 percent stake in Aramex, to Boson Venture Corp – an investment vehicle reported to be backed by Mohamed Alabbar, the chairman of Emaar Properties.

Ghandour said he plans to spend more time on his new ventures and in supporting technology startups.