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JEDDAH: Emaar revealed its aim to sell 50 percent or more of the online shopping platform, Namshi, said Mohammad Alabbar, founder of Emaar.
This will not be done by selling a stake in Namshi through special purpose acquisition company (SPAC), nor will it be offered for subscription, he said in an interview with Alarabiya.
Alabbar stated that emerging companies working in e-commerce need experience more than financing, and Emaar has the financing, but it is looking for strong participation from specialized companies with expertise in e-commerce.
E-commerce companies take a period ranging from 7 to 13 years to reach profitability, pointing out that Amazon has lasted 20 years without making profits, he added.
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