Dubai Emaar Properties logo on a building under construction in Dubai, United Arab Emirates, March 3, 2016. REUTERS/Ahmed Jadallah/File Photo

DUBAI (Reuters) – Dubai’s Emaar Properties on Saturday backed fashion e-commerce venture Namsi by Dubai billionaire Mohamed Arabah and Saudi Arabia’s public investment fund (PIF) announced that it will be sold to e-commerce company Noon.

In filings with the stock exchange, Emaar said its board of directors had, in principle, approved the sale of Namshi’s value for $335.2 million as a sale to related parties.

Emaar was founded by Mohamed Alabbar, who is the managing director of the company.

Emaar is known for building the world’s tallest tower, the Burj Khalifa, and other iconic parts of Dubai. After initially acquiring his 51% stake in 2017, it purchased Namshi for a total of $281 million before purchasing his remaining 49% stake in 2019.

Emaar said the price was within a range defined by an independent appraiser approved by the United Arab Emirates’ market regulator, the Securities and Exchange Commission.

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

Reported by Hadeel Al Sayegh.Edited by Christian Schmolinger

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