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Emaar’s board of directors has given the green signal to the sale of its e-commerce unit Namshi to Noon. “Detailed information will be disclosed once the approvals of Noon’s board are received formally,” said Emaar board member Ahmad Al Matrooshi in a disclosure submitted to the Dubai Financial Market.
UAE-based real estate development company Emaar Properties has announced that it will be selling its fashion retail business Namshi to e-commerce company Noon for $335.2 million, as a divestment to a related party. Noon is backed by the Public Investment Fund, which is Saudi Arabia’s sovereign fund, and Emaar Properties founder Mohamed Alabbar.
Widely known for building the world’s tallest tower Burj Khalifa, Emaar had acquired Namshi for $281 million in total after buying a 51 per cent stake in 2017 and then finally purchasing the rest of the company in 2019.
Emaar also stated that Namshi’s price was within the range which was defined by an independent valuer approved by the Securities and Commodities Authority, the UAE’s market regulator.
Namshi is the second-biggest e-commerce platform in the UAE after US giant Amazon. The country’s e-commerce retail market has shown an annual growth of 53 per cent after touching $3.9 billion in 2020.
Fibre2Fashion News Desk (NB)
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