Dubai – Mubasher: Emaar Properties expects to log net profits worth AED 628.68 million from the potential sale of Namshi Holding, owned by Emaar Malls, which is the real estate developer’s subsidiary.

The UAE-based listed firm is selling Namshi to Noon AD Holdings in exchange for $335.20 million, which is equivalent to AED 1.23 billion that represents nearly 15% of the AED 8.17 billion capital, according to a bourse filing.

The agreement is expected to close after six months from the signing date.

The transaction comes in line with Emaar Properties’ strategy to re-deploy its capital, focusing on businesses that benefit the shareholders in the future.

During the first half (H1) of 2022, the property developer posted a hike in net profit attributable to the owners to AED 4.30 billion, compared to AED 1.56 billion in the year-ago period.