Dubai’s leading real-estate developer Emaar has revealed that it is selling off fashion platform Namshi to e-commerce company Noon. The deal is worth $335.2 million, a price within the range defined by an independent valuer and approved by the Securities & Commodities Authority.

Emaar acquired a stake in Namshi for $281 million from Rocket Internet. The company acquired a 51% stake in 2017 for $151 million before taking over the remaining 49% share for $129.5 million in 2019.

“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 Noon board of directors),” Ahmad Thani Rashed Al Matrooshi, board member at Emaar, said in a statement. “Detailed information will be disclosed once the approval of Noon’s board is received formally,” he added.

This move will consolidate the country’s e-commerce market and see the two companies out of the top three coming together. Amazon, with a net sale of $500 million in 2021, remains the market leader in UAE.

Noon was founded in 2017 by Mohamed Alabbar and Saudi Arabia’s Public Investment Fund. Interestingly, Alabbar is also the founder of Emaar Properties.

This is the second significant transaction by Emaar within a short span. The company recently bought Dubai Holding’s stake in Dubai Creek Harbour development for $2 billion.

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