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.
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