UAE’s Emaar to sell fashion business Namshi to e-commerce company Noon

UAE-based property development company Emaar Properties will sell its Namshi fashion retail business to e-commerce company Noon for $335.2 million, as a related party divestiture. Noon is backed by the Public Investment Fund, which is Saudi Arabia’s sovereign wealth fund, and Dubai businessman and founder of Emaar Properties, Mohamed Alabbar.

Emaar’s board of directors has given the green signal for the sale of its Namshi e-commerce unit to Noon. “Details will be disclosed once Noon’s board approvals are formally received,” said Ahmad Al Matrooshi, Emaar Board Member in a statement submitted to the Dubai Financial Market.

UAE-based property development company Emaar Properties has announced that it will sell its Namshi fashion retail business to e-commerce company Noon for $335.2 million, as a disposal to a related party. Noon is backed by the Public Investment Fund, which is Saudi Arabia’s sovereign wealth fund, and Emaar Properties founder Mohamed Alabbar.

Widely known for building the world’s tallest tower, Burj Khalifa, Emaar had acquired Namshi for a total of $281 million after buying a 51% stake in 2017 and then ultimately buying the rest of the business in 2019.

Emaar also said Namshi’s price was within the range defined by an independent appraiser licensed by the Securities and Commodities Authority, the UAE’s market regulator.

Namshi is the second largest e-commerce platform in the United Arab Emirates after US giant Amazon. The country’s e-commerce retail market has seen 53% annual growth after hitting $3.9 billion in 2020.

Fibre2Fashion News Office (NB)


Margie D. Carlisle