Gulf e-commerce company Noon to acquire fashion venture Namshi – statement

The logo of Dubai’s Emaar Properties on a building under construction in Dubai, United Arab Emirates, March 3, 2016. REUTERS/Ahmed Jadallah/File Photo

DUBAI, Aug 21 (Reuters) – Dubai’s Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabia’s sovereign wealth fund, the Fund Public Investments (PIF).

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

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

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

Emaar said the price was within the range that was determined by an independent appraiser approved by the UAE’s 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

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