Emaar Properties of Dubai announced on Saturday that it is selling fashion e-commerce company Namshi to Noon, an online retailer funded by Saudi Arabia’s Public Investment Fund and Dubai billionaire Mohamed Alabbar (PIF).
In a bourse filing, Emaar stated that its board has in principle approved the sale of Namshi to a linked party, valued at $335.2 million. Mohamed Alabbar, who serves as the company’s managing director, founded Emaar.
The Burj Khalifa, the tallest structure in the world, and other famous Dubai landmarks were constructed by Emaar. It first purchased a 51% ownership in Namshi in 2017 before purchasing the remaining 49% in 2019. This cost it a total of $281 million for Namshi.
According to Pulverer, the online channel currently contributes about 30% of total sales, up from 20% before the epidemic and remaining strong.
Ikea also provides products to its consumers in cities like Bengaluru, Hyderabad, Mumbai, Pune, Ahmedabad, Surat, and Vadodara via the company’s website or mobile application.