Gulf e-commerce company Noon buys fashion venture Namshi

Hadeel Al Sayegh

DUBAI (Reuters) – Dubai-based Emaar Properties said on Saturday it is selling its fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alababar and Saudi Arabia’s sovereign fund Public Investment Fund (PIF). .

Emaar said in its stock exchange filing that its board has approved in principle the sale, which values ​​Namshi at $335.2 million, as a divestiture to a related party.

Emaar was founded by Mohamed Alabbar and is the managing director of the company.

Emaar is famous for building the tallest tower in the world, Burj Khalifa, and other iconic parts of Dubai. It bought Namshi for a total of $281 million after acquiring a 51% stake in 2017 and then buying the remaining 49% in 2019.

Emaar said the price was within a range determined by an independent appraiser approved by the United Arab Emirates’ market regulator, the Securities and Commodities Authority.

Reuters reported in August 2021 that the developer was considering options to sell Namshi.

(Reporting by Hadeel Al Sayegh; Editing by Christian Schmollinger)