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.
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.
UAE Comes Out Strongly In Guinness World Records 2023
Guinness, the renowned cataloger of record-breaking events, has released its latest annual, after sifting through 40,000 applications — and the Arab world is heavily featured.
Guinness World Records, the authority on record-breaking global achievements, has just announced its latest release, “Guinness World Records 2023 (GWR2023),” which will be available online and in physical stores across the Arab region from today.
As usual, GWR 2023 features all of the latest achievements from around the world (and space!), with special features and updated graphics to bring the stories to life.
So why the interest in the latest Guinness installment? Well, it turns out the Arab Region is strongly represented in the book, with more than 50 records featured in the new edition, which is no mean feat considering the volume of competition.
“We’ve sifted through nearly 40,000 record applications over the past year to bring you Guinness World Records 2023. People from all walks of life continue to be fascinated by extremes, and we’ve received claims from across the planet – indeed, even from space! This is why I’ve said the new edition is out of this world,” says Craig Glenday, Guinness Editor in Chief.
Of interest to readers of this platform, Saudi Arabia and the United Arab Emirates both get to flex their record-breaking muscles.
Saudi Arabia claims the title of “Largest LED Structure and Suspended Ornament” courtesy of the Noor Riyadh Festival, as well as other weird and wonderful titles, including the “Largest Lego Formula 1 Car”, as well as perhaps more prestigious honors, such as “Largest Mirrored Building”, “Largest Clock Face”, “Tallest Lighthouse” and the “Largest Geodesic Dome”.
Not to be outdone, the UAE has claimed several humanitarian record-breaking titles, including the “Longest Video Livestream” (by The Mohammed Bin Rashid Al Maktoum Global Initiatives and pan Arab influencer Hassan Suleiman), the “Largest Donation for Medical Treatment”, and the “Most Awareness Ribbons Made in One Hour”.
On the tech front, the UAE also claims several prestigious firsts, including “First 3D-Printed Laboratory”, while the world-renowned Burj Khalifa hangs on to its title of “World’s Tallest Building”.