Arab News: Online marketplace platform Noon has had its purchase of fashion e-commerce venture Namshi approved by Saudi Arabia’s General Authority of Competition.
Noon – which is backed by Dubai billionaire Mohamed Alabbar and Saudi Arabia’s Public Investment Fund – announced that it planned to buy Namshi from Emaar Properties for 1.2 billion dirhams ($335.2 million) in September 2022.
Initially acquiring 51 percent of Namshi in 2017, Emaar then purchased the remaining 49 percent in 2019 in a total deal of 1 billion dirhams.
In June 2022, the Kingdom’s Heritage Commission signed a cooperation agreement with Noon to empower local businesses in Saudi Arabia, Saudi Press Agency reported.
A ceremony was held at the Commission's headquarters to commemorate this partnership, which was attended by Heritage Commission CEO Jasir Suleiman Alherbish and General Manager of Noon KSA Ahmed Abdel Qader Gadouri.
The agreement allows Saudi artisans to sell craft products and cultural heritage content online, gaining access to a larger audience through Noon's Mahali program.
The program also aims to assist local entrepreneurs and small and medium-sized businesses improve their product quality.