Namshi CEO steps down post-Emaar acquisition

Following the complete acquisition of Namshi by Emaar Malls, Hosam Arab, the co-founder and CEO of Namshi has announced that he will be stepping down from his position and leaving the company.

The announcement came in an email he sent to his companies, where he said, “Last week, we announced the complete sale of Namshi to Emaar Malls, our partner and majority shareholder over the past year and a half, and with it, I also announced my intention to say goodbye and step down as CEO of Namshi.”

While Arab did not divulge any particulars as to the reason behind his decision, he did say that the juncture felt most appropriate and natural. After stepping down, he will be spending more time with his family and exploring ideas in the digital space, right here in the region.

Namshi was one of the first Rocket Internet ventures by 5 co-founders: Muhammed Mekki, Louis Lebbos, Hosam Arab, Faraz Khalid, and Hisham Zarka. A little over a year into the startup, Mekki and Lebbos left Namshi to start Astrolabs, which is one of the leading co-working spaces in Dubai. While Khalid left when Emaar Malls acquired 51% stake in Namshi, to join as the CEO of noon, another venture owned by Emaar Malls.

Read more about what Hosam Khalid wrote in the email declaring his exit here.