Dubai, UAE: Emaar Malls Management LLC (“Emaar Malls”), a wholly-owned subsidiary of Emaar Properties PJSC (“Emaar”) and Noon AD Holdings Ltd (“noon”) announced today that they have entered into definitive documentation for Emaar Malls to sell the entire share capital of Namshi Holding Limited (“Namshi”) to noon for a total cash consideration of AED 1.23 billion (US$ 335.2 million). The consideration represents an excess of AED 127 million on the total investment by Emaar Malls in Namshi including purchase consideration and subsequent investment.
The transaction is in line with Emaar’s strategy to divest assets that are not core to its primary business so as to create and sustain value for its shareholders. Proceeds from the transaction will be invested by Emaar into its core real estate development business in line with Emaar’s strategy to redeploy capital across the group with a focus on investing in businesses that are of core strategic value.
The transaction is expected to close in the next 6 months, subject to meeting various conditions, including inter alia, final regulatory approvals and approval from Emaar’s shareholders.
“We are proud to have been part of Namshi’s journey and are confident that Namshi will reach greater heights and success under noon’s ownership. The capital generated through the divestment of Namshi, a non-core asset for Emaar, would be deployed in core focus areas of Emaar to generate shareholder value. Further, the sale of Namshi at a premium to its purchase price generates additional value for Emaar shareholders”, said a spokesperson for Emaar, the parent company of Emaar Malls Management.
A spokesperson for noon commented: "Namshi's success and ambition are well-documented. The brand has evolved from a start-up to a beloved one, competing for local e-commerce with much larger international fashion and beauty players. And they've kept their lead. Much of their story is similar to noon's. And we're thrilled to be able to assist them in taking their growth and success to the next level."
Emirates NBD Capital Limited and Linklaters LLP advised Emaar Malls on the Transaction as financial and legal advisors, respectively. Credit Suisse and Clyde & Co LLP advised noon on the transaction as financial and legal advisors, respectively.
About Namshi Holding Limited
Founded in 2011, Namshi.com is the largest online fashion shopping destination for women, men and kids in the Middle East. Blending accessible, original trend-led fashion and beauty with an innovative, content-rich digital experience, Namshi offers the latest in fashion, beauty, activewear, kidswear and homeware across a variety of media platforms.
In recent years, Namshi has experienced extraordinary growth to house an unrivalled offering of over 1,700 brands including leading global and premium names, and exclusive in-house labels. Namshi has developed strong relationships with international brands and local partners through its successful marketing collaborations and campaigns.
Namshi serves customers with dedicated sites across UAE, Saudi Arabia, Qatar, Kuwait, Oman, Bahrain, Iraq and globally with super-fast delivery and dependable customer service teams. The diverse, creative and determined teams behind Namshi have helped shaped it into a brand that champions digital innovation, has a fiercely independent spirit and inspires its fashion loving customer to experiment with their style.
About Emaar Malls Management (LLC)
Emaar Malls Management (LLC) manages some of the most iconic malls, entertainment, and community-integrated retail centres in the Middle East, including Dubai Mall, its flagship asset, which has been the most visited shopping and entertainment mall worldwide in the last five years, and Dubai Hills Mall, the leading lifestyle destination recently opened in Dubai Hills Estate.
Emaar Malls Management (LLC) (Emaar Malls) also manages Souk Al Bahar, an Arabesque style dining and entertainment development in Downtown Dubai; Dubai Marina Mall, a lifestyle shopping mall for residents and visitors of the Dubai Marina community; and Gold & Diamond Park, a shopping destination dedicated to gold and jewellery.
Emaar Malls Management (LLC) assets are developed as an integral part of the master plan developments of Emaar Properties, and, therefore, are strategically located in key areas of Dubai that benefit from favourable socio-economic demographics and increasing tourism.
About Emaar Properties
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sq. ft. in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered over 86,200 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 33 hotels and resorts with 7,470 rooms (includes owned as well as managed hotels). Today, 46 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.
Burj Khalifa, a global icon, The Dubai Mall, the world's most-visited retail and lifestyle destination, and The Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.
Follow Emaar on: Facebook: www.facebook.com/emaardubai, Twitter: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.
About Noon AD Holdings Ltd:
noon.com was founded with the objective of fostering an ecosystem of regionally based digital companies in order to secure the region's digital landscape's future. noon's mission is to provide customers and companies in the Middle East region with outstanding value and support. On 12th December 2017, noon launched its consumer platform in the Kingdom of Saudi Arabia and the United Arab Emirates. noon debuted in Egypt in February 2019 and has since evolved to become the largest online shopping destination in the Middle East. Primarily a digital e-commerce platform powered by in-house technological talent, noon has swiftly developed strong native capabilities throughout its marketplace, fulfillment, logistics, and payment systems.
