$1bn e-commerce venture will spur 'new era in youth entrepreneurship', says founder
Noon.com, the $1 billion e-commerce joint venture founded by Mohamed Alabbar, will be rolled out for customers in Saudi Arabia by the end of this year.
Alabbar, also chairman of Emaar Properties, said the launch in the Middle East's largest economy will help spur a "new era in youth entrepreneurship".
Headquartered in Riyadh, Noon is a joint venture with the Public Investment Fund and a group of prominent Gulf investors and is already live in the UAE.
On the sidelines of the Future Investment Initiative in Riyadh, Alabbar said: “We are excited to launch operations in Saudi Arabia shortly. Noon delivers on the goals of Saudi Vision 2030 with an innovative digital enterprise that is underpinned by strong public-private sector partnerships and a focus on creating high quality jobs and business opportunities for young Saudis.
"It also supports the development of the Saudi small and medium enterprises, another objective of the national transformation plan announced by His Royal Highness Crown Prince Mohammed bin Salman.”
Noon CEO Faraz Khalid added that that e-commerce platform will bring two "exceptional strengths" to the kingdom.
“We share our data insights with Saudi retailers to help them expand their market reach and enhance the customer experience. Noon is investing in delivery infrastructure and technology to bring a world-class shopping experience to customers in Saudi Arabia,” he said.
Noon will have a large assortment of products covering fashion, beauty, fitness, sports, technology, games and household and Saudi customers will soon be able to order via www.noon.com or download the Noon Mobile App via the iTunes or Play stores.
Noon said it has already partnered with market leaders, small & medium enterprises and startups in Saudi Arabia, helping them capture a greater share of the e-commerce market.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.