The board of Emaar Properties (Emaar) is to meet to this week to discuss the sale of online fashion retailer Namshi, the company announced today.

The company said in a statement to Dubai Financial Market (DFM) today that its board would meet later this week to consider the sale.

Emaar was first reported to be selling a 50% stake in Namshi last year.

It fully acquired the e-commerce retailer in 2019, having acquired a 51% stake in 2017.

Dubai Holding, the investment vehicle of Dubai Sheikh Mohammed bin Rashid Al Maktoum is now the second largest shareholder in Emaar.

Namshi was founded in 2011 by entrepreneurs including Hosam Arab, who is now CEO and founder of buy now pay later firm Tabby.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)