{"id":23096,"date":"2023-05-24T15:26:38","date_gmt":"2023-05-24T15:26:38","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=23096"},"modified":"2023-05-24T15:27:08","modified_gmt":"2023-05-24T15:27:08","slug":"noon-partners-with-gulf-international-bank-to-facilitate-its-namshi-acquisition","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/05\/24\/noon-partners-with-gulf-international-bank-to-facilitate-its-namshi-acquisition\/","title":{"rendered":"Noon partners with Gulf International Bank to facilitate its Namshi acquisition"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">Gulf International Bank (GIB) has structured a facility for Noon AD Holdings Ltd and Noon Investment Company CJSC to support its acquisition of <a href=\"https:\/\/www.namshi.com\/\" target=\"_blank\" rel=\"noopener\">Namshi<\/a> from the UAE&#8217;s largest publicly traded developer, Emaar.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The financing successfully closed on February 8 with global law firm Baker McKenzie acting as legal counsel to GIB.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CEO of <a href=\"https:\/\/www.meretailnews.com\/2023\/04\/18\/noon-cuts-10-of-jobs\/\">Noon<\/a>, Faraz Khalid, said: \u201cWe&#8217;ve been working hard to provide the best possible service to our customers, and we&#8217;re very excited about the Namshi acquisition.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">&#8220;We couldn&#8217;t have done it without the support of our banking partners, Gulf International Bank.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.meretailnews.com\/2022\/08\/30\/emaar-malls-to-close-dss-with-its-final-sale\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Emaar Mall<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in 2019. The company first bought a 51 per cent stake in Namshi for $151m in 2017 from Rocket Internet\u2019s Global Fashion Group. Later, it acquired the remaining stake in the online fashion retailer for $129.5 million.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CEO of GIB, Jamal Al Kishi, said: \u201cGIB 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.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">&#8220;We are proud to have fully underwritten and structured this landmark financing for Noon as it continues to build its position as the region\u2019s leading online retailer.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p>Currently, Noon operates in the UAE, Saudi Arabia and Egypt, while looking to expand to other Middle Eastern markets.<\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0 \u00a0 \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gulf International Bank has partnered with Noon AD Holdings Ltd and Noon Investment Company CJSC to aid its acquisition process of Namshi from Emaar<\/p>\n","protected":false},"author":40,"featured_media":18227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1],"tags":[4273,4183],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23096"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=23096"}],"version-history":[{"count":3,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23096\/revisions"}],"predecessor-version":[{"id":23099,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23096\/revisions\/23099"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/18227"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=23096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=23096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=23096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}