Dubai – Mubasher: Emerging $1 billion e-commerce platform Noon.com, chaired by Mohamed Alabbar, has become operational in the UAE and Saudi Arabia.
On Saturday, the highly-anticipated website launched a variety of products including home appliances, games, cosmetics, and clothes, among other items.
Headquartered in Riyadh, Saudi Arabia, the website’s logistics centre is located at the Dubai World Centre (DWC) and is set to provide over 20 million products.
In November, UAE businessman Mohamed Alabbar launched the e-commerce platform in which Saudi Arabia’s Public Investment Fund (PIF) has a 50% stake.
Alabbar, who doubles as Emaar Properties’ chairman, had said that he was committed to making Noon.com the number one e-commerce platform in the Arab region.
Noon.com is set to boost e-commerce sales in the Arab region to $70 billion from only $3 billion over the next 10 years, or to around 2% of total sales and commerce traffic in the region.
On 21 September, Kuwait-based MH Alshaya Co announced a strategic acquisition in Noon.com, highlighting that the company will become a seller on the platform.
Alshaya did not reveal the value of the acquired stake, but stated that the company sees “great value” in its deal with Noon, adding that it complements Alshaya’s existing online channels.
