News

eCommerce Fashion Platform Namshi Acquired By Noon

The deal worth $335 million will consolidate the region’s eCommerce market by bringing together two of the largest online retailers.

Published

2 years ago

August 22, 2022

Nour Nasir

Noon

Emaar, Dubai’s premiere real estate developer, has revealed that it will be selling off ownership rights to the eCommerce fashion platform Namshi, which it has owned outright since 2019, after purchasing a 51% stake back in 2017.

Namshi is being acquired by rival company Noon, who will pay $335.2 million for the acquisition, a price set by an independent valuer and approved via Dubai’s Securities & Commodities Authority. The figure represents a hefty profit for Emaar, who paid $281 in total for full ownership of the company.

“The company would like to announce that its board of directors has, in principle, approved the sale of Namshi to Noon (subject to the approval of the Noon board of directors). Detailed information will be disclosed once the approval of Noon’s board is received formally,” says Ahmad Thani Rashed Al Matrooshi, board member at Emaar.

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The move will considerably consolidate the region’s eCommerce space, as Noon and Namshi are two of the biggest online retailers in the United Arab Emirates, with shopping giant Amazon taking the top spot.

Noon was founded in 2017 by Mohamed Alabbar, the founder of Emaar properties, along with help from Saudi Arabia’s Public Investment Fund. The sale is the second major investment switch for Emaar, who recently bought a stake in the Dubai Creek Harbour development for a massive $2 billion.

News

Joby To Establish All-Electric Air Taxi Ecosystem Across The UAE

The comprehensive agreement with Abu Dhabi’s government includes a training program, infrastructure development, and a manufacturing presence.

Published

22 hours ago

May 1, 2024

Nour Nasir

joby to establish all-electric air taxi ecosystem across the uae

Joby Aviation

All-electric aircraft company Joby Aviation has secured three separate agreements with departments of Abu Dhabi’s government that lay the groundwork to develop and scale air taxi services in the Emirate and beyond.

The deal was signed at the recent DRIFTx thought-leadership and exhibition platform and gave Joby exclusive rights to not only operate air taxi services in Dubai but also unlock inter-emirate services between Abu Dhabi.

joby air taxi partnership abu dhabi

Joe Ben Bevirt, founder and CEO of Joby Aviation, said: “Today’s agreement demonstrates the incredible momentum behind the adoption of clean flight across the UAE. We’re looking forward to delivering a fantastic experience for our future customers in Abu Dhabi and we’re excited to be unlocking the potential for zero-emissions flight between Abu Dhabi and Dubai. We’re grateful for the support and collaboration of our governmental partners and the entire ecosystem in Abu Dhabi and we remain deeply impressed by their commitment to building out a world-class aviation ecosystem in the Emirate”.

Joby’s all-electric aircraft went on display for the first time in Abu Dhabi’s Yas Marina at the DRIFTx event. The air taxi is designed to carry a pilot and four passengers and can reach speeds of 200 miles per hour (321 km/h). The zero-emission craft is said to have an extremely low acoustic footprint and can travel a maximum of 100 miles (161 km) on a single charge.

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Once operational, Joby’s air taxi fleet would enable fast, clean travel across the UAE, with journeys between Abu Dhabi to Dubai taking just 30 minutes compared with two hours by car during peak times.

Joby continues to work closely with the UAE’s General Civil Aviation Authority (GCAA) to help the Emirates become a world leader in the introduction of air taxis. Additional testing and analysis will be required before inter-emirate travel becomes a reality, but the cutting-edge technology already appears to have great potential.