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Wednesday, 24 May 2017

Dubai's Emaar buys Namshi stake after Amazon buys Souq.com | Reuters

Dubai's Emaar buys Namshi stake after Amazon buys Souq.com | Reuters:

"Dubai's Emaar Malls will buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group (GFG), a start-up set up by Rocket Internet, for $151 million as competition for technology deals heats up in the Middle East. Coming two months after Amazon agreed to buy Souq.com, the transaction is expected to provide much-needed support for Emaar Properties founder and chairman Dubai billionaire Mohamed Alabbar's new technology vehicle Noon.com, a venture with Saudi Arabia's Public Investment Fund. The venture has seen a shake-up in recent weeks with the departure of Noon's chief executive and chief technology officer along with several staff. Alabbar said last week its venture still on track to start operations before end-2017."



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