Dubai – Mubasher: Emaar Malls, a unit of Dubai's largest listed developer Emaar Properties, on Monday announced that it has appointed Emaar’s chief strategy officer Hadi Badri as the chairman of e-commerce fashion website Namshi.

The new board will consist of global digital and e-commerce industry experts to drive the company’s growth strategy, Emaar said in a statement.

“The success story of Namshi is truly inspirational. Going forward, Namshi has tremendous growth potential, and now that it is fully owned by Emaar Malls, there are significant opportunities to accelerate the full potential of Namshi, for the benefit of its customers in the region and beyond,” Badri said.

By the end of February, the Dubai-based company announced its complete acquisition of leading regional fashion e-commerce retailer Namshi in a deal worth AED 475.5 million ($129.5 million).

The acquisition supports Emaar Malls’ position in the rapidly growing online market in the Middle East, complementing its physical retail assets portfolio.

By 01:55 pm UAE time, Emaar Malls’ stock rose 2.25% at AED 1.82.