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Asharq Al-Awsat
Asharq Al-Awsat
Lifestyle
Asharq Al-Awsat

Gulf E-commerce Company Noon to Buy Fashion Venture Namshi

Emaar Noon Mohamed Alabbar e-commerce Dubai Burj Khalifa
The logo of Dubai's Emaar Properties on a building under construction in Dubai, UAE, March 3, 2016. REUTERS/Ahmed Jadallah/File Photo

Dubai's Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF).

Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as a divestment to a related party.

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