Emaar Shopping Mall enters into an agreement with Noon to sell its entire stake in Namshi

Emaar Shopping Centers Management, the wholly owned subsidiary of Emaar Properties, and Noon AD Holdings Limited ("Noon"), today announced the signing of the final contracts required for Emaar Shopping Centers to sell its entire stake in Namshi Holding Limited "Namshi" to Noon for a consideration. A total cash of 1.23 billion dirhams (335.2 million dollars).

The specified consideration represents an increase of AED 127 million over Emaar's total investment in Namshi Malls Management, including consideration for the purchase and subsequent investment.

The transaction is in line with Emaar's strategy to divest assets that are not material to its core business in order to ensure sustainable value for its shareholders.

Emaar will invest the proceeds of the transaction in its core real estate development business in line with Emaar's strategy of redistributing capital within the group with a focus on investing in businesses of core strategic value.

The transaction is expected to close within the next six months, subject to various conditions being met, including final statutory approvals and approval from Emaar shareholders, among others.

Emirates NBD Capital Limited and Linklaters LLP provided financial and legal advice to Emaar Shopping Centers Management on the deal, while Credit Suisse and Clyde & Co. LLP provided Financial and legal advice to Noon regarding the same transaction.

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