By: Amr Adel
Dubai – Mubasher: Businessman Mohamed Alabbar launched e-commerce platform Noon.com in a press conference held on Sunday in Dubai.
The platform’s headquarter will be based in Riyadh, he said, adding that investors are initially contributing $1 billion to the project.
The Saudi sovereign wealth fund will own 50% of the project, while the other 50% will be owned by Alabbar and other regional investors.
The platform aims to increase the e-commerce sales in the region from $ 3 billion to $70 billion within 10 years.
Translated by: Julian Nabil
