Connect with us

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

on

ecommerce fashion platform namshi acquired by noon
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.

Also Read: UAE Startup Dukkantek Raises $10 Million In Funding

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.

Related Topics:
Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 17K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

on

December 17, 2024

By

uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

Continue Reading

#Trending