UAE In-Focus — Noon to acquire Namshi for $335.2m; MBRAH’s Suppliers Complex to be completed in September

DUBAI: E-commerce platform Noon, backed by Dubai billionaire Mohamed Alabbar and Saudi Arabia’s Public Investment Fund, will buy Emaar Properties’ fashion e-commerce venture Namshi for 1.2 billion dirhams ($335.2 million), Reuters reported.

In a bourse filing, Emaar’s board approved the sale of the fashion retailer, but Noon’s board must approve it.