Dubai’s Emaar is weighing options to sell leading regional fashion e-commerce platform, Namshi, three sources familiar with the matter reportedly told Reuters.

An outright sale of Namshi may generate proceeds of $600 million to $700 million, while a listing through a special purpose acquisition company (SPAC) was another, potentially more lucrative option, according to one of the sources.

Emaar declined to comment, but sources said it has approached banks for potential advice on the deal.

Emaar Malls, the retail arm of Dubai’s biggest developer, Emaar Properties, bought a 51 percent stake in Namshi from Global Fashion Group for $151 million in 2017, then purchased the remaining 49 percent in 2019 for about $130 million

Namshi posted revenues of 685 million dirhams ($187 million) in the first half of the year, up from 664 million dirhams in the same period one year earlier.

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Dubai’s Emaar Properties to Merge Retail Arm by Year-End

The developer has said the merger would give it considerably more clout in leveraging the potential of Emaar Malls in a future valuation of Emaar Properties.