Emaar May Sell its E-Commerce Business

The board of Dubai's Emaar Properties will meet on Thursday to discuss the sale of its e-commerce fashion business Namshi, the company announced.

The meeting will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in one of its real estate projects.

Emaar bought Namshi, a Middle Eastern fashion e-commerce retailer, back in 2019 for $281 million after first acquiring a 51% stake in 2017, when it entered into a strategic partnership with Global Fashion Group in 2017.

Reuters reported in August 2021 that the developer was considering options to sell the e-commerce fashion business.