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.
Known for building the world’s tallest tower, the Burj Khalifa, and other iconic parts of Dubai, Emaar was founded by Mohamed Alabbar. Initially acquiring 51 percent of Namshi in 2017, it then purchased the remaining 49 percent in 2019. Emaar bought Namshi for a total of 1 billion dirhams.
An independent valuer appointed by the Securities and Commodities Authority, the UAE market regulator, defined the price range. Emaar said the price was within that range.
MBRAH’s Suppliers Complex to be completed in September
The Mohammed Bin Rashid Aerospace Hub at Dubai South has announced that its Suppliers Complex, the first vertical aerospace complex in the region, will be completed by September, according to Dubai Media Office.
It is a multipurpose facility designed to attract start-ups and SMEs.
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According to ecommerceDB, the online retail tracker of Statista, the most prominent player in the UAE e-commerce market in 2021 was Amazon UAE with revenues of $499 million, followed by Namshi at $249 million, Apple at $170 million, Noon at $169 million and Sharaf DG UAE at $95 million.
The online retail industry in the UAE has always been a conflict in the making, a war of market shares. In 2017, Amazon acquired Souq, the largest domestic online merchant, giving the global operator a large percentage of sales in the UAE.
When traditional brick- and-mortar retailers were rising to the challenge and building an online presence, Alabbar launched Noon in the same year as a regional competitor to Amazon.
Supply Chain Cluster’s Suppliers Complex offers over 12,000 square meters of light industrial space, enabling aerospace companies to set up their facilities quickly and easily, the statement added.
It offers 86 leasable units on three levels for companies providing maintenance services, aircraft parts trading, aerospace, and drone manufacturing.
A free-zone destination for the world’s leading airlines, private jet companies, and associated industries, MBRAH offers global aerospace players high-level connectivity.
MBRAH is located in and developed by Dubai South and offers maintenance centers and training and education campuses.
As part of its vision to make the emirate one of the world’s leading aviation hubs, it seeks to strengthen engineering industries, the statement concluded.
Coffee Planet to debut in KSA by late 2022
Dubai-based Coffee Planet said that the coffee chain plans to expand into Saudi Arabia and open a few cafes by the end of 2022, according to a statement released.
Due to their global demand, the statement added that Coffee Planet has further expansion plans in the pipeline for Egypt and the UK.
The chain also has a team of qualified coffee professionals, on hand 24/7 for full service and maintenance, and supports the chain’s clients with full training, offering a range of coffee equipment, and coffee-related consumables, the statement said.
Across the Middle East and beyond, it added that it serves clients in food service, HORECA, and retail.
Dubai Hills Business Park and Dubai Hills Mall have recently been added to the chain’s current locations in Circle Mall, JVC, and Ain Dubai, on Bluewaters Island.
Coffee Planet sources green beans from over 23 countries and produces them in Dubai, along with ground coffee and biodegradable capsules, the statement said.
(With input from Reuters)
