Dubai developer looks set to reverse its 2019 acquisition, after earlier moves to reduce shareholding.
In a statement to Dubai Financial Market (DFM), Emaar has announced that its board will meet this week to discuss the sale of online fashion retailer, Namshi. This follows reports last year that Emaar was looking to sell a 50% stake in the e-commerce retailer it fully acquired in 2019. The property giant had owned a 51% stake since 2017.
Emaar has recently undergone significantly new dynamics in terms of its share ownership, with Dubai Holding, the investment vehicle of HH Sheikh Mohammed bin Rashid Al Maktoum, now the second largest shareholder.
The move to shed Namshi is most likely a reflection of new investment focus, as Emaar’s property interests return to strength in the post-pandemic era. The company has recently posted near-record performance for H1 2022; led by strong figures from its core property development business, Emaar recorded first half revenue of $3.696bn, representing a growth of 10% compared to H1 2021.
