DUBAI: Dubai's Emaar has picked Emirates NBD to advise it on the sale of fashion e-commerce business Namshi, sources said. Emaar Malls, the retail arm of Dubai's biggest developer, Emaar Properties, bought a 51% stake in Namshi from Global Fashion Group for $151 million in 2017 and the remaining 49% in 2019 for about $130 million.

Emaar is now weighing options to sell the business either through an outright sale or through a listing abroad via a special purpose acquisition vehicle (SPAC), sources told Reuters last month. Dubai's biggest lender Emirates NBD has been picked to advise Emaar on the transaction, two sources familiar with the matter said.