Dubai’s Emaar Properties, the renowned owner of Dubai Mall, is reportedly considering the sale of its e-commerce fashion business. The company, known for its iconic architectural projects such as Burj Khalifa, has been actively involved in the e-commerce sector. Emaar first acquired a majority stake in the popular online fashion platform Namshi in 2017, and subsequently purchased the remaining shares in 2019 for $281 million.

Emaar’s contemplation of selling its e-commerce fashion business was initially reported in August 2021. This news follows the recent announcement of a $2 billion cash and stock buyout of its joint venture partner in a real estate project, Dubai Holding. The buyout deal, which involves the development of Dubai Creek Harbour, will be financed through a combination of cash and Emaar Properties shares. Upon completion, Dubai Holding will become Emaar’s second-largest shareholder, after the Dubai government.

It is worth noting that Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and the vice-president and prime minister of the United Arab Emirates, owns Dubai Holding. The partnership between Emaar and Dubai Holding not only underscores their commitment to Dubai Creek Harbour’s development but also showcases the potential for growth and success resulting from their collaboration.

By considering the sale of its e-commerce fashion business, Emaar aims to strategically evaluate its portfolio and enhance its operational efficiency. Focusing on its core businesses, such as real estate development, hospitality, and leisure, will enable Emaar to drive sustainable growth and maintain its position as a global leader in the property and lifestyle sectors.

Emaar Properties has established itself as a prominent player in Dubai’s real estate industry, with projects like Downtown Dubai and Dubai Marina. Its diverse portfolio, innovative approach, and commitment to excellence have garnered a strong reputation both domestically and internationally.

The outcome of Emaar’s board meeting to discuss the potential sale of its e-commerce fashion business will significantly impact the company’s future trajectory. This decision will reaffirm Emaar’s status as a key player in Dubai’s business ecosystem and further contribute to the economic growth and prosperity of the city.

Useful links:
1. Emaar Properties – Namshi
2. Emaar Properties Official Website