Abu Dhabi: Dubai’s Emaar Properties has announced that it has decided to sell its online fashion platform Namshi to e-commerce company Noon for $335.2 million.
Emaar said in a disclosure submitted to the Dubai Financial Market on Saturday that its board of directors “has decided in principle to sell Namshi company to Noon, for the benefit of a related party to the company”.
The company stated in its statement that the selling price amounted to 335.2 million dollars (1.23 billion dirhams) in cash.
The company confirmed that detailed information will be disclosed; once the official approval is obtained from the board of directors of Noon company.
It is noteworthy that Dubai businessman Mohammed Alabbar, founder of Emaar Properties, is the same founder and owner of Noon e-commerce company.
Noon, the e-commerce company is a shopping website, founded in 2016 with backing from Mohamed Alabbar and Saudi Arabia’s Public Investment Fund (PIF).
Mohamed Alabbar revealed in November 2021 that the company is looking to sell 50 per cent or more of the Namshi platform to foreign and local investors with experience in the field of e-commerce.
Emaar bought fashion e-commerce company Namshi for a total of $281 million, having first acquired a 51 per cent stake in 2017 before buying the remaining 49 per cent in 2019.
Emaar was founded by Alabbar, who is the company’s managing director. It is famous for building the tallest tower in the world, Burj Khalifa, and other parts of Dubai.
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