Gulf e-commerce company to buy midday fashion venture Namshi – statement

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

Dubai, Aug 21, 2010 (AFP) Dubai’s Emaar Properties on Saturday said it is selling Namshin Fashion E-Commerce Ventures, an e-commerce company backed by Dubai billionaire Mohammed Al Bar and Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF).

Emaar said its board had approved the sale in principle, which would include transferring Namshi to a related party, valued at $335.2 million.

Emaar was founded by Mohammad Albabar, who is the managing director of the company.

Emaar is known for building the world’s tallest tower, the Burj Khalifa, and other historic landmarks in Dubai. It bought Namshin for $281 million after initially acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.

Emaar said the price was within the range defined by the neutral price approved by the Commodities and Commodities Authority, the UAE market regulator.

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

Reported by Hadel Al Sayegh; Edited by Christian Schmollinger

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