E-commerce giant's chairman Mohamed Alabbar says keen to 'give back' to customers, allow them to become shareholders
E-commerce giant noon plans to float on the stock market in a global cross-listing within the next four to five years, its chairman Mohamed Alabbar has told Arabian Business.
In an exclusive interview, Alabbar said a listing was a definite goal now being worked towards.
“This is an Arab company and the customers should enjoy the benefits, they should also have the chance to become shareholders. Listing the company is the least we can do.”
He added: “There is also the fact that being a public company actually puts a lot more pressure on management. And you know what? I like that.”
Alabbar and the Saudi Public Investment Fund each own a 50 percent stake in the $1 billion operation that went live last September.
Alabbar said the company was always on the lookout for acquisitions or partnerships that would help drive growth, although nothing specific was on the horizon. But, he said, noon’s aim to add grocery deliveries to its platform would come to fruition in 2019.
The company, which is based in Riyadh, has launched a number of initiatives to help recruit young Saudis including employing young nationals as part time delivery people. It has also announced a “Yellow Friday” sale that will see prices slashed heavily this month.
“We are building something big here and you have to keep at it. Is this harder than I expected it to be? Well I have been through so much pain in my life it doesn’t make a difference. But I love what I am doing, and I am more motivated than ever,” he said.