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Dubai’s biggest listed developer Emaar will sell its online fashion platform Namshi to e-commerce company Noon for $335.2 million.
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Emaar, the iconic property developer behind the Burj Khalifa, purchased a 51% stake in Namshi for $151 million in 2017 from Global Fashion Group before buying the remaining 49% in 2019 worth $129 million to $130 million.
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Emaar has made two big deals in the past two weeks; it recently confirmed a deal to buy out the stake held by Dubai Holding in the operating company overseeing the Dubai Creek Harbour development. The size of that deal was DHS 7.5 billion.