Published on November 13th, 2016 | by Bhavishya Kanjhan1
Emaar Chairman announces billion-dollar eCommerce platform – Noon.com
Mohamed AlAbbar, the chairman of Emaar Group and AlAbbar Enterprises announced the launch of a billion-dollar eCommerce platform – Noon.com. To be launched in January next year, the venture will be headquartered in Riyadh, Saudi Arabia. Noon.com is expected to feature over 20 million products across multiple categories including Fashion, Electronics, and Home/Lifestyle.
The venture will be led by CEO Fodhil Benturquia, who was previously leading Souq.com’s operations in Saudi Arabia. He said, “The customer is the purpose of our being, and we are here to win their hearts and their trust.” The company is building an in-house logistics team called Noon Transportation as well as 10 million sq.feet of warehousing, of which 3.5 million will be in the UAE. The transportation capabilities will facilitate a same-day delivery service. In addition, they’re also building a payment gateway service called NoonPay. Benturquia said they’ve already started onboard businesses on the platform.
With an investment of 1 billion dollars, AlAbbar said Noon.com aims to be the “dominant” e-commerce platform in a region catering to over 350 million people. The Saudi Arabia Public Investment Fund owns a 50% stake in the venture and the remaining 50% is being held by AlAbbar and a consortium of investors across the GCC countries of UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman.
“In one move, we are launching a future-focused company which is the biggest online shopping platform ever seen in the region. Noon is a company born in the Middle East and serves customers in the Middle East.”, said AlAbbar.