Dubai’s largest developer Emaar has announced that it will sell it’s online fashion platform Namshi to e-commerce marketplace Noon for $335.2 million. The company’s Board of Directors has in principle approved the sale of Namshi to Noon (subject to the approval of Noon Board of Directors), according to a statement issued by the company on August 19th.
“The cash consideration is the equity value of Namshi which is equivalent to USD 350,000,000 of enterprise value of the company. This is adjusted for the debt at the company level and the normalised working capital required for the company. Emaar will receive the equity value as the cash consideration for the sale,” the statement read.
While Amazon is reported to be the largest e-commerce player in the UAE, Namshi was second recording sales of $249m last year. Emaar acquired a 51% stake in Namshi in 2017 and went on to fully acquiring it in 2019. It serves customers across the GCC with fast delivery on over 5 million products.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BMarchon Eyewear’s ZEISS wins 2024 Red Dot “Best of the Best” Awards for VisionClip
Revolutionising retail: How RetailGPT is shaping the future of shopping malls
Times Square Center: Building community through more than retail
/ 
What does it take to sustain profitable growth in the post-IPO phase?
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
The regional grocery retail market is becoming more and more diverse, offering
/ 
Born in Senegal and raised in Lebanon, Leïa Khalaf’s journey to becoming
Softlogic Holdings PLC, one of Sri Lanka’s largest conglomerates, has a diverse
During her SOLOx session at the IMAGES RetailME Awards 2024, Mrunal Khimji,
What does it take to sustain profitable growth in the post-IPO phase?
Following the successful launch of its flagship store in City Centre Deira,
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In what comes as a significant announcement, Middle East based eyewear majors
Abu Dhabi based retail company LIWA Trading Enterprises, a subsidiary of Al
Previous Article
