Dubai: Emaar Properties, Dubai Mall’s owner, announced Monday that the board will meet Thursday to discuss the sale Namshi to Emaar sales. Emaar, a company known for its iconic Dubai buildings, including the Burj Khalifa, the tallest building in the world, and Namshi, was able to purchase Namshi for $281 million. It acquired a 51% stake in 2017, before purchasing the remaining 49% in 2019. Reuters reported that the company was looking to sell its e-commerce fashion business in August 2021.
Dubai’s largest Shareholders; Emaar Sales
Emaar, which owns Dubai Holding, announced last week that it would purchase Emaar Properties shares and cash from Emaar Properties in a $2B deal. This was a result of their joint Dubai Creek Harbor development. Dubai government is Emaar’s largest shareholder.