Dubai: Emaar to discuss selling e-commerce site Namshi

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

The meeting, disclosed in a statement, 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, known for building the world's tallest tower, the Burj Khalifa, and other iconic parts of Dubai, bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.

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

Emaar's largest shareholder is the Dubai government, which holds the 24% stake through its sovereign wealth fund.