By James Eugene

Fadi Ghandour, co-founder of logistics company Aramex PJSC, announced his plans to raise capital for another venture capital fund that seeks to invest in e-commerce businesses the Gulf (Middle East) region.

According to an article by Bloomberg, the first fund from Wamda Capital will close and concentrate on targeting an average investment of $250,000 to $5 million for both the early and growth stages of e-commerce and technology companies. Another round of fundraising will be commence next year for another venture capital fund – dubbed “Wamda II” – with a predicted target size ranging between $300 million and $500 million, with the intention of extending investments to the likes of Turkey and Pakistan.

Ghandour was interviewed by Bloomberg on the 1st of August and said that the first venture capital fund will “require all of [his] time, energy and resources”. He also says that he has “other investments and startups that [he] is focusing on that will require capital and equity”. He further stated that he is bullish on technology, e-commerce and fintech in the region as they are “effectively building the next economy and require a lot of funding”.

Recently, Ghandour sold his remaining 10% holding in Aramex, which was held through a stake in Levant Logistics Holdings, to the Cayman Island-based venture capital company Boson Ventures Corporation, with the stake worth an estimated $157 million. The company’s balance sheet has also looked healthy as of late, posting a 36% increase in net profits in the second quarter of the year, attributed to the “growth in its European, Asian and Australian businesses”, according to gulfbusiness.com. The acquisition of New Zealand (and Australia) based logistics company Fastway Couriers earlier in the year provided a significant boost to revenues.

Watch Fadi Ghandour’s full interview with Bloomberg (Video)