Dubai: Emaar to discuss selling e-commerce site Namshi

Dubai: Emaar to discuss selling e-commerce site Namshi

Real estate giant bought fashion retailer for $281 million after first acquiring a 51% stake in 2017

By Reuters Published: Mon 15 Aug 2022, 6:29 PM

The board of Dubai's Emaar Properties, which owns the Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business Namshi, the company said on Monday.

The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in one of its real estate projects.

Emaar, known for building the world's tallest tower, the Burj Khalifa, and other iconic parts of Dubai, bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.

Reuters reported in August 2021 the developer was considering options to sell the e-commerce fashion business.

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Last week, Emaar announced it would buy out Dubai Holding from their joint Dubai Creek Harbour development in a $2 billion deal equally financed by cash and Emaar Properties shares.

Emaar's largest shareholder is the Dubai government, which holds the 24% stake through its sovereign wealth fund.