- what’s new
- Health & Fitness
- gift ideas
- Buying Guide
- Quick Reads
While Mohamed Alabbar was reportedly planning to launch a WhatsApp-like mobile application, the official news is that the Dubai-based billionaire is teaming up with Saudi Arabia’s Public Investment Fund (PIF) to launch a new $1billion e-commerce platform in the Middle East called Noon.com. Alabbar said that the new platform will be “game changing”, and has plans to launch its initial operations in Saudi Arabia and the UAE in January, followed by other gulf countries for a later date.
The $1billion ambitious project, which is initially being contributed by investors, includes 50% ownership by the Saudi Sovereign Wealth Fund, and the other 50% will be owned by Alabbar and other regionally-based investors. Alabbar said on the media launch that Noon.com will have over 20 million products ready for purchase on the day of launch. He also was comparing the platform to a shopping mall in Dubai that will have over 1.5 million goods.
The warehouse facilities for Noon.com in Dubai will be the size of over 60 football pitches, the Dubai-based billionaire added. The introduction of Noon.com will surely bring a stiff competition against popular e-commerce sites such as Jadopado and Souq.com.