Emaar to sell 50% of the shopping platform ‘Namshi’, said the founder 

Emaar to sell 50% of the shopping platform ‘Namshi’, said the founder 
Short Url
Updated 15 November 2021
Follow

Emaar to sell 50% of the shopping platform ‘Namshi’, said the founder 

Emaar to sell 50% of the shopping platform ‘Namshi’, said the founder 
  • Alabbar stated that emerging companies working in e-commerce need experience more than financing

JEDDAH: Emaar revealed its aim to sell 50 percent or more of the online shopping platform, Namshi, said Mohammad Alabbar, founder of Emaar.

This will not be done by selling a stake in Namshi through special purpose acquisition company (SPAC), nor will it be offered for subscription, he said in an interview with Alarabiya.

Alabbar stated that emerging companies working in e-commerce need experience more than financing, and Emaar has the financing, but it is looking for strong participation from specialized companies with expertise in e-commerce.

E-commerce companies take a period ranging from 7 to 13 years to reach profitability, pointing out that Amazon has lasted 20 years without making profits, he added.