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United Arab Emirates – In Focus: Noon to acquire Namshi for $335.2 million; MBRAH Vendor Complex to be completed in September
DUBAI: E-commerce platform Noon, backed by Dubai billionaire Mohamed Alabbar and the Saudi Public Investment Fund, will buy fashion e-commerce business Namshi from Emaar Properties for 1.2 billion dirhams (335. $2 million), Reuters reported.
Noon is buying Namshi, an online fashion platform owned by property developer Emaar, for 1.2 billion dirhams ($335.2 million).
In a stock market filing, Emaar’s board approved the sale of the fashion retailer, but Noon’s board must approve it.
Known for building the tallest tower in the world, the Burj Khalifa, and other iconic parts of Dubai, Emaar was founded by Mohamed Alabbar. Initially acquiring 51% of Namshi in 2017, it then bought the remaining 49% in 2019. Emaar bought Namshi for a total of 1 billion dirhams.
An independent assessor appointed by the Securities and Commodities Authority, the UAE’s market regulator, set the price range. Emaar said the price is within this range.
MBRAH Vendor Complex to be completed in September
The Mohammed Bin Rashid Aerospace Center in Dubai South has announced that its Supplier Complex, the region’s first vertical aerospace complex, will be completed by September, according to Dubai Media Office.
It is a versatile piece of equipment designed to attract start-ups and SMEs.
The Supply Chain Cluster Supplier Complex offers more than 12,000 square meters of light industrial space, allowing aerospace companies to set up their facilities quickly and easily, the statement added.
It offers 86 rental units on three levels for businesses providing maintenance, aircraft parts trading, aerospace and drone manufacturing services.
A free zone destination for the world’s major airlines, private jet companies and associated industries, MBRAH offers global aerospace players high-level connectivity.
MBRAH is located and developed by Dubai South and offers maintenance centers and campuses for training and education.
As part of its vision to make the emirate one of the world’s leading aviation hubs, it seeks to strengthen engineering industries, the statement concludes.
Coffee Planet will debut in Saudi Arabia in late 2022
Dubai-based Coffee Planet said the coffee chain plans to expand into Saudi Arabia and open a few cafes by the end of 2022, according to a statement released.
Due to their global demand, the release adds that Coffee Planet has further expansion plans underway for Egypt and the UK.
The chain also has a team of trained coffee professionals available 24/7 for full service and maintenance, and supports chain customers with comprehensive training, offering a range of equipment of coffee and coffee-related consumables, the statement said.
In the Middle East and beyond, he added that he served customers in foodservice, HORECA and retail.
Dubai Hills Business Park and Dubai Hills Mall were recently added to the chain’s current locations at Circle Mall, JVC and Ain Dubai on Bluewaters Island.
Coffee Planet sources green beans from more than 23 countries and produces them in Dubai, along with ground coffee and biodegradable capsules, the statement said.
With contributions from Reuters