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, 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.
Last week, Emaar announced it would buy out Dubai Holding from their joint Dubai Creek Harbour development in a $2 billion deal equally financed by cash and Emaar Properties shares.
The deal would make Dubai Holding, the private investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, the second largest shareholder in Emaar, the developer said.
Sheikh Mohammed bin Rashid is also the vice president and prime minister of the United Arab Emirates.
Emaar’s largest shareholder is the Dubai government, which holds the 24% stake through its sovereign wealth fund.
Source: Reuters.com