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22-08-22
Emaar will vend its online fashion platform Namshi to Noon for USD335.2M
(MENAFN) The largest publicly traded developer in Dubai, Emaar, is going to transfer control of Namshi to e-commerce firm Noon for USD335.2 million.
The sale of Namshi, the e-commerce division of Emaar Malls, to Noon has been accepted in principle by the board of directors of Emaar, subject to the approval of Noon's board of directors, the corporation stated in a statement late on Friday to Dubai Financial Market, where its shares are traded.
Emaar board member Ahmad Al Matrooshi made the comment, “detailed information will be disclosed once the approvals of Noon's board is received formally.”
It added, “the planned divestment is with a related party to the company, noting the concerned board member did not participate or vote in the meeting.” Online sales have increased significantly in the United Arab Emirates, and the Covid-19 epidemic has made this trend more rapid.
According to the Dubai Chamber of Commerce and Industry, the nation’s e-commerce retail business reached a record USD3.9 billion in 2020, expanding 53 percent yearly, and making up 8 percent of the total retail market.
MENAFN22082022000045014146ID1104733418
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