Alabbar and Saudi Arabia's sovereign wealth fund launch $1.5 billion e-commerce platform
Noon.com to launch in Saudi Arabia and the UAE in January
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Mohammed Alabbar and the Saudi Arabian Investment Fund (PIF) are teaming up to launch a Middle East e-commerce platform, a Dubai billionaire announced.
At a presentation at Dubai Opera, Alabbar described the new project - Noon.com — as a “game that changes the rules.”
"We're turning the Middle East e-commerce market on its head," he said. "And in six months, we'll turn it on its head again."
Alabbar reported that At launch in January, the platform will have 20 million products available.By comparison, the average Dubai shopping mall has approximately 1.5 million products on display.
He added that the warehouse complex in Dubai equal in size to 60 football fields.
Investors initially invest $1 billion into a project that Alabbar said would be 50% belongs to the Saudi Arabian Sovereign Wealth Fund, and the rest 50% – to Alabbar himself and other regional investors.
Noon.com will start work in Saudi Arabia and the UAE, and later launches are planned in other Arab countries.
What will Noon.com sell?
Noon.com is created as the largest universal online platform, analogue Amazon or Alibaba, that is, almost everything will be sold on it all types of goods, which can be purchased online.
🛍️ Noon.com's main product categories
- Electronics and gadgets — smartphones, laptops, televisions, household appliances, smart watches, etc.
- Fashion and beauty — clothing, footwear, accessories, perfumes, cosmetics.
- Home and Kitchen — furniture, decor, dishes, small household appliances.
- Food products - everyday goods, drinks, groceries (through the service Noon Daily).
- Health and care — vitamins, medical products, personal hygiene items.
- Children's goods and toys - diapers, baby food, toys, educational materials.
- Books, sports and recreation — sports equipment, books, hobby goods.
- Automotive products and tools — car accessories, tools, equipment.
During the presentation, Mohammed Alabbar noted that At launch, Noon.com will have approximately 20 million products available. — this is much more than in any shopping center in the region.
Mohamed Ali Alabbar
One of the most influential businessmen in the Middle East, he was born on November 8, 1956, in Dubai, UAE. He is the founder of the leading real estate developer Emaar Properties, as well as the founder and chairman of the e-commerce platform Noon.com.
📌 Brief biography
- EducationAlabbar received a bachelor's degree in finance and business administration from Seattle University (USA) in 1981. He was later awarded honorary doctorates from Seattle University, London School of Economics and Sun Moon University in South Korea MOHAMED ALI ALABBAR.
- CareerAfter completing his studies, Alabbar began his career at the Central Bank of the UAE and later became the CEO of Dubai's Department of Economic Development. In 1997, he founded Emaar Properties, which became known for projects such as the Burj Khalifa and the Dubai Mall.
- Investments and startupsAlabbar is an active investor in a variety of industries, including technology, retail, and finance. He is the founder and chairman of Noon.com, the largest e-commerce platform in the region, and chairman of Eagle Hills and Americana Group. MOHAMED ALI ALABBAR.
🌍 Influence and recognition
Alabbar holds key positions on a number of international organizations and boards of directors, including the Future Institute (FII Institute) and the American University of Sharjah. He also actively supports startups and innovative projects in the region.
🏗️ Real estate investment and development
- Emaar PropertiesAlabbar is the founder and former chairman of Emaar Properties, the region's largest real estate developer, known for projects such as the Burj Khalifa and the Dubai Mall. Wikipedia
- Eagle HillsHe also founded and leads Eagle Hills, a development company focused on projects in developing countries. MOHAMED ALI ALABBAR
