Emaar to sell 50% of shopping platform ‘Namshi’

JEDDAH: Emaar revealed its aim to sell 50 per cent or more of the online shopping platform, Namshi, Arab News quoted Mohammad Alabbar, founder of Emaar, as saying.

This will not be done by selling a stake in Namshi through special purpose acquisition company (SPAC), nor will it be offered for subscription, he said in an interview with Alarabiya.

Alabbar stated that emerging companies working in e-commerce need experience more than financing, and Emaar has the financing, but it is looking for strong participation from specialised companies with expertise in e-commerce.

E-commerce companies take a period ranging from 7 to 13 years to reach profitability, pointing out that Amazon has lasted 20 years without making profits, he added.