Mohamed Alabbar has stepped up his drive to create an online shopping empire with a €130 million (Dh505.5m) joint venture with Milan-based Yoox Net-a-Porter (YNAP), the online luxury fashion retailer.
The chairman of Emaar Properties has struck his third digital deal in as many months as he stakes his claim to the region’s underserved but fast-growing e-commerce market.
The announcement comes only 15 days after Mr Alabbar launched the US$1 billion e-commerce platform, Noon.com, which is expected to begin trading in January.
He also led two investor groups in buying a combined 16.45 per cent stake in Dubai-based global logistics provider Aramex – a company that delivers large volumes of goods bought online from the region.
He had already invested €100m in reserved capital increase in YNAP this year through his Alabbar Enterprises company.
The new Dubai-based joint venture with YNAP will not start trading in the GCC for another year as it integrates its technology platforms after a merger between Yoox and Net-a-Porter that led to YNAP’s listing on Borsa Italiana in October last year.
YNAP will have 60 per cent of the joint venture, while Mr Alabbar controls the remaining 40 per cent. More info
By Andrew Scott www.thenational.ae
