Emaar to discuss selling its e-commerce business

Emaar to discuss selling its e-commerce business

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

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. — File photo

By Reuters Published: Mon 15 Aug 2022, 5:52 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, 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 per cent stake in 2017 before buying the remaining 49 per cent in 2019.

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

Last week, Emaar announced it would buy out Dubai Holding