Emaar Properties of Dubai announced on Saturday that it is selling Namshi, a fashion e-commerce venture, to Noon, an e-commerce startup funded by Dubai billionaire Mohamed Alabbar and the Public Investment Fund of Saudi Arabia (PIF). Emaar stated in a market statement that its board of directors has approved the sale to a linked party, which values Namshi at $335.2 million. Mohamed Alabbar, the company’s managing director, founded Emaar.
Emaar is well-known for constructing the world’s tallest tower, the Burj Khalifa, as well as other notable structures in Dubai. It paid $281 million for Namshi after initially acquiring a 51% share in 2017 and then the remaining 49% in 2019. Emaar stated that the pricing was within the range.