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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.
Why it matters
The UAE has witnessed a significant surge in online shopping, accelerated further by the Covid-19 pandemic. According to the Dubai Chamber of Commerce and Industry, the country’s e-commerce retail market hit a record $3.9 billion in 2020, growing 53% annually, accounting for 8% of the overall retail market. Amazon is the largest e-commerce player in the UAE, with net sales of $500m in 2021, followed by Namshi with $249m.
