Rocket Internet group and Sweden’s Kinnevik are combining five international fashion e-commerce firms including Dafiti, Jabong, Lamoda, Namshi and Zalora.
The unit, TECOM Investments, is expected to use the proceeds for its growth plans, while some of the cash would also be diverted to its parent company.
The UAE’s foreign ministry called for cooperation and coordination against what it called the global scourge of terrorism, especially in Iraq and Syria.
The UAE was named the most competitive country in the Middle East and North Africa region while Qatar and Saudi Arabia fell in their rankings, a report from the World Economic Forum shows.