The Finance World Magazine| Edition: December 2023

Start-up
The Meteoric Ascent of UAE-born Startup
Pioneers
The United Arab Emirates has not only transformed major business sectors
through its presence but has also emerged as a trailblazer for SMEs and
startups. Reports indicate that the UAE is a hub for numerous startups, with
more than 20 startups worth more than $1 billion each this number continues
to grow. With the UAE’s startup industry expected to reach new heights, it is
a great time to highlight some of the pioneering startups that have emerged
from the UAE, showcasing their meteoric global success.
Namshi
Faraz Khalid,
Co-Founder
Namshi, a UAE-based startup
founded in 2011 by Faraz Khalid,
Hisham Zarka, Hosam Arab,
Louis Lebbos, and Muhammed Mekki,
has swiftly become a cornerstone in
the Middle East’s fashion e-commerce
landscape. With a primary focus on
serving customers in the UAE, Saudi
Arabia, Kuwait, Oman, Bahrain, and
Qatar, Namshi offers a diverse array of
footwear and apparel fashion brands,
providing a shopping experience that
seamlessly blends accessible fashion
with digital innovation.
The startup, headquartered in Dubai,
U.A.E., stands out not just for
its product offerings but also for its
commitment to meeting the evolving
demands of consumers. Namshi’s product
range spans fashion, footwear,
accessories, makeup, beauty products,
and homeware. Additionally, it boasts
worldwide shipping and contactless
delivery, emphasising a customer-centric
approach.
In August 2022, Namshi underwent
a notable development, being acquired
by Noon.2M, a strategic move
that could potentially influence the
startup’s approach in the dynamic
e-commerce sector.
Namshi’s inception in 2011 was
fueled by a vision to revolutionise
the shopping experience in the UAE,
particularly targeting style-centric
individuals in their 20s. With a commitment
to showcasing over 500 new
products daily, Namshi established
itself as a trendsetter in the fast-paced
world of online fashion.
Championing innovation, Namshi
tackled a significant challenge inherent
in the Middle East – the prevalent
’mall’ culture. Overcoming consumer
reluctance to buy online, trust product
veracity, and enter credit card
details, Namshi implemented practical
solutions such as accepting cash on
delivery. The startup also leveraged
digital technology and social media
to raise brand awareness.
Namshi’s success is attributed to
meticulous research, branding, promotion,
and a robust marketing strategy.
The startup strategically targeted a
specific consumer base, particularly
women for whom traditional mall
shopping presented challenges. This
targeted approach, starting small and
building a loyal client base, has been
integral to Namshi’s growth, underscoring
the effectiveness of a focused
strategy in the competitive realm of
e-commerce startups. Namshi’s journey
reflects not only its commitment
to accessible fashion but also its resilience
in navigating the complexities
of the Middle East’s unique consumer
landscape.
42 www.thefinanceworld.com December 2023