Two weeks ago in a shock announcement, JadoPado had revealed it had been acquired but with no mention of the purchasing company. It has now been officially confirmed that Emaar has purchased the e-commerce portal.
JadoPado's CEO Omar Kassim said in a statement: "We're incredibly excited to exit to what is fast shaping up to be the region's most exciting digital and e-commerce play. Mohammed Alabbar's vision to make digital a cornerstone of his future strategy led us to believe that this was the right call and will help propel our business to the next level.
"The JadoPado team will be integrated into ongoing projects such as Noon.com and will also be involved in exciting new projects across the digital spectrum in areas such as marketplaces, food commerce, payments and logistics.
"I'm personally thankful to all our investors including BECO Capital and al bogari Holdings for believing in the JadoPado vision and helping drive our business toward a successful outcome."
The transaction amount of the deal was not disclosed.
By Aasha Bodhani
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