Emaar said in a filing to the stock exchange that its board has approved in principle the sale, which values Namshi at $335.2 million, as a related party assignment.
Emaar was founded by Mohamed Alabbar, who is the company’s managing director.
Emaar is known for building the tallest tower in the world, the Burj Khalifa, and other iconic parts of Duba. It bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.
Emaar said the price was within the range that was set by an independent valuator approved by the UAE’s market regulator, the Securities and Commodities Authority.
Reuters reported in August 2021 that the developer was considering options to sell Namshi.