Dubai — The $1 billion regional e-commerce site launched in a joint venture with the Saudi sovereign wealth fund and other Gulf investors will go online in January, according to Dubai business magnate Mohamed Alabbar.
Noon.com will have a 50-percent investment from the Kingdom’s Public Investment Fund and the rest from around 60 investors led by Alabbar, who heads the Emirate’s real estate giant Emaar.
He told a press conference that distribution centers are being set up in the Saudi cities of Riyadh and Jeddah, along with a giant warehouse the size of 60 football stadiums in Dubai.
The name of the new site is derived from the Arabic letter N, or Noon. Payment can be made through NoonPay.
A same-day delivery through Noon Transportation, an in-house express delivery service and Aramex will be provided.
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The name of the e-commerce website noon.com is derived from the Arabic letter N or Noon.[/caption]“We expect to become a world player but will concentrate firstly on Saudi Arabia and the United Arab Emirates,” said the president of Emaar, the company which built the world’s tallest building, the Burj Khalifa in Dubai.
With an initial inventory of 20 million products, the online retailer aims to expand to Egypt, the Arab world’s most populous state, at the end of next year or early in 2018.
Alabbar, quoted by Bloomberg, said Noon would be traded on stock markets after five to seven years.
Products will include fashion, books, home and garden, electronics, sports and outdoor, health and beauty, personal care, toys, children’s and baby products.
Fodhil Benturquia, CEO of Noon.com, said while product prices will be competitive, the primary focus will be on customer service. — With agencies
