Dubai: Emaar to Sell Namshi to Noon for $335.2 Million

Dubai: Emaar to Sell Namshi to Noon for $335.2 Million

Dubai’s biggest real estate developer, Emaar, will sell its online fashion platform Namshi to e-commerce giant Noon for $335.2 million.

According to Emaar's statement that was issued on Friday evening to the Dubai Financial Market (DFM), the company's board of directors has in principle approved the sale of its subsidiary Emaar Malls’ e-commerce unit Namshi to Noon, subject to the approval of Noon’s board of directors. And the DFM has suspended trading on the company's shares until clarifications are received about the results of its board of directors meeting.

"Detailed information will be disclosed once the approvals of Noon's board is received formally," Ahmad Thani Rashed Al Matrooshi, an Emaar board member, said in the statement.