DUBAI: Dubai’s Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF).

Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as a divestment to a related party.

Emaar was founded by Mohamed Alabbar and is the company’s managing director.

Emaar is known for building the world’s tallest tower, the Burj Khalifa, and other iconic parts of Dubai. It bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.

Emaar said the price was within the range which was defined by an independent valuer approved by the United Arab Emirates’ market regulator, the Securities and Commodities Authority.

Reuters reported in August 2021 the developer was considering options to sell Namshi.