Noon partners with Gulf International Bank to facilitate its Namshi acquisition

Gulf International Bank (GIB) has structured a facility for Noon AD Holdings Ltd and Noon Investment Company CJSC to support its acquisition of Namshi from the UAE’s largest publicly traded developer, Emaar.

The financing successfully closed on February 8 with global law firm Baker McKenzie acting as legal counsel to GIB.

CEO of Noon, Faraz Khalid, said: “We’ve been working hard to provide the best possible service to our customers, and we’re very excited about the Namshi acquisition. 

“We couldn’t have done it without the support of our banking partners, Gulf International Bank.”

Namshi.com is an online shopping site based in the UAE and offers various clothing, accessories and footwear. Founded in 2011, the company was acquired by Mohammed Alabbar-owned Emaar Mall in 2019. The company first bought a 51 per cent stake in Namshi for $151m in 2017 from Rocket Internet’s Global Fashion Group. Later, it acquired the remaining stake in the online fashion retailer for $129.5 million.

CEO of GIB, Jamal Al Kishi, said: “GIB continues to play a leading role in providing clients across the GCC with the financing they need to execute their growth strategies and add value to the regional economies. 

“We are proud to have fully underwritten and structured this landmark financing for Noon as it continues to build its position as the region’s leading online retailer.”

The Saudi General Authority for Competition accepted the application submitted by Noon AD Holdings Ltd. for economic concentration to fully acquire Namshi Holding Ltd in January.

Currently, Noon operates in the UAE, Saudi Arabia and Egypt, while looking to expand to other Middle Eastern markets.

     

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