Friday, April 26

Tag: Emaar Malls

Dubai Based Emaar Malls Acquire 51% Equity in E-commerce Website Namshi
24May By PriyankaNo Comments
ACQUISITION

Dubai Based Emaar Malls Acquire 51% Equity in E-commerce Website Namshi

Dubai based billionaire Mohamed Alabbar firm Emaar Malls acquires 51 percent stake in Rocket Internet backed e-commerce website Namshi.com for $151 million. This is a second acquisition in two months which shows a sign of growing demand for tech deals in the Middle East. After failing to acquire Souq.com, Emaar malls left no space for others this time. The 51  percent equity was belong to Rocket Internet. The recent move by Emaar malls comes on the prediction of the e-commerce in Middle east will grow to $20 billion by 2020. Both Emaar and GFG group (Namshi parent company) said they had agreed to jointly develop the business until a possible listing or a full takeover. Namshi, which operates in the GCC region like United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain...
Read More
Emaar Malls Confirms $800 Million Bid For Souq.com
28Mar By reutersNo Comments
ACQUISITION

Emaar Malls Confirms $800 Million Bid For Souq.com

Dubai's Emaar Malls, a unit of Emaar Properties, said on Monday it had submitted an $800 million bid for Middle Eastern online retailer Souq.com. The bid has so far not been accepted by Souq.com's shareholders, Emaar Malls said in a bourse statement. Local business magazine Arabian Business had previously reported the bid. Last week, sources familiar with the matter told Reuters that Amazon.com Inc had agreed in principle to buy Souq.com. Amazon declined to comment, and a spokesperson for Souq.com did not respond to a request for comment. Emaar Malls’ bid has so far not been accepted by Souq.com shareholders, the Dubai-listed firm said in a stock exchange announcement on Monday. Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar have to break...
Read More