According to a report by a news agency, an eCommerce platform, Noon, supported by Dubai billionaire Mohamed Alabbar and Saudi Arabia’s Public Investment Fund, will buy the fashion eCommerce venture of Emaar Properties, Namshi, for 1.2 billion dirhams, which is about $335.2.
In a bourse filing, Emaar said that its board has generally approved this sale. Mohamed Alabbar is Emaar’s founder and managing director.
Emaar is widely known for building the globe’s tallest tower, the Burj Khalifa, and more iconic parts of Dubai.
In its initial stage, in 2017, Emaar acquired 51% of Mamshi, then in 2019, it purchased the remaining 49%. Altogether, Emaar bought Namshi for about 1 billion dirhams.
In August 2021, the developers were looking for options to sell Namshi, as reported by a news agency.
An independent valuer defined the price of Namshi, which was approved by the Securities and Commodities Authority, the United Arab Emirates. The price was within the range, said Emaar.
#23 Chase Tower, opp. Metro Pillar 31,
USA
UK
Singapore