Mohamed Alabbar and Saudi Arabia’s PIF to Launch $1B ecommerce website, Noon.com

Written by | Business, Internet, Saudi Arabia, Tech

Mohamed Alabbar and Saudi Arabia’s Public Investment Fund (PIF) will soon launch a Middle Eastern e-commerce platform called Noon.com.

Noon.com will have an initial capital of $1B, which will be equally owned by Saudi Arabia’s PIF and Mohamed Alabbar. Mohamed Alabbar, is the founder and chairman of Emaar Properties, the real estate company behind Burj Khalifa, the world’s tallest building and Dubai Mall, the world’s largest mall.

Noon.com will official launch in January 2017 in Saudi Arabia and the UAE with 20 million products available on the platform on day one. The company have plans to expand to neighboring countries in the year, with the aim of becoming the dominant e-commerce platform in the Middle East.

As soon as Noon.com becomes operational, it will be competing with established regional ecommerce website like souq.com, namshi.com, sukar.com and MarkaVIP.com.

Image from @AlEjabiya_KSA
Source: Step Conference

Last modified: October 2, 2017

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