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...