Emaar’s board of directors approved the sale of the fashion retailer, but it is subject to the approval of Noon’s board.
E-commerce platform Noon is buying online fashion platform Namshi – owned by property developer giant Emaar – for $335.2M.
“Detailed information will be disclosed once the approvals of Noon Board are received formally,” Ahmad Thani Al Matrooshi said in the statement. “The planned divestment is with a related party to the Company noting the concerned board member did not participate or vote in the meeting,” he added.
