Noon finalizes Namshi purchase after approval from Saudi com...| MENAFN.COM

Tuesday, 07 February 2023 06:33 GMT

Noon finalizes Namshi purchase after approval from Saudi competition watchdog


(MENAFN) Online marketplace platform Noon has had its buying of fashion e-commerce project Namshi accepted by Saudi Arabia’s General Authority of Competition.

Noon – which is supported by Dubai billionaire Mohamed Alabbar as well as Saudi Arabia’s Public Investment Fund – declared that it intended to purchase Namshi from Emaar Possessions for 1.2 billion dirhams (USD335.2 million) in September last year.

Originally obtaining 51 percent of Namshi 6 years ago (2017), Emaar then bought the last 49 percent two years after (2019) in an overall acquisition of 1 billion dirhams (nearly USD272 billion).

In June last year, the Kingdom’s Heritage Commission inked a collaboration deal with Noon to allow domestic businesses in Saudi Arabia, as reported by Saudi Press Agency.

A ceremony was hosted at the Commission's head office to honor this cooperation, which was joined by Heritage Commission CEO Jasir Suleiman Alherbish as well as General Manager of Noon KSA Ahmed Abdel Qader Gadouri.

The deal permits Saudi artisans to trade craft outputs and cultural heritage content online, obtaining access to a bigger audience via Noon's Mahali plan.

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