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

NASA Forms New Partnership With Saudi Space Agency

The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.

Published

17 hours ago

May 16, 2024

Nour Nasir

Saudi Space Agency

Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.

Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.

Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl

— وكالة الفضاء السعودية (@saudispace) May 14, 2024

The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.

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During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.