E-commerce platform Noon to launch in the UAE & KSA with $1bn investment


November 13, 2016 | By RetailME Bureau

Noon, reportedly the region’s largest-ever e-commerce company, will launch in the UAE and Saudi Arabia in January. The e-commerce company will be a driver of innovation, which will offer a vast product selection and fast delivery across all categories.

With an initial investment of $1 billion, Noon will launch in the UAE and KSA markets and will soon cover the entire Middle East region rapidly. Noon aims to grow online sales in the region from 2% of the total market ($3 billion) to 15% ($70 billion) within a decade.

Emaar Properties chairman Mohamed Alabbar, who is leading the venture with prominent GCC investors, described Noon as “Nothing less than a quantum leap in retail in the region, and the world.”

“We come with the endurance to build a customer-centric business for the long-term. For us, it’s a marathon, not a sprint. I am pleased to announce that the Public Investment Fund of Saudi Arabia will take 50% equity in Noon. In addition, the head office of Noon will be based in Riyadh, Saudi Arabia,” he adds. “With Noon, we are offering the most customer-centric e-commerce experience available anywhere. 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 will serve customers in the Middle East.”

“The customer is the purpose of our being, and we are here to win their hearts and their trust,” states Noon’s CEO Fodhil Benturquia. “Our customer experience will be driven by state-of-the-art technology that will power everything from product discovery to purchase and delivery…We want to be the partner of choice for sellers, whether they’re big or small. We invite them to be part of our ecosystem, working together to change the online shopping landscape for the Middle East customer.”

He also said that Noon, through its mobile app and noon.com website, will be an end-to-end e-commerce retailer. “Our team not only comes with exceptional backgrounds, but also with an all-consuming passion to change the way things are done.”

Noon brings the following impressive firsts for the region:

  • Biggest selection, with 20 million products covering fashion, books, home & garden, electronics, sports & outdoor, health & beauty, personal care, toys, kids and baby products and more
  • More than 10 million sqft of warehousing capacity. At 3.5 million sqft, the UAE fulfilment centre will cover more than 60 football fields.
  • Same-day delivery through Noon Transportation, an in-house express delivery service
  • NoonPay, a secure and innovative payment gateway

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


Lulu and MoIAT join hands to promote UAE-made products

The Ministry of Industry and Advanced Technology (MoIAT) in cooperation with Lulu 

Continue Reading

December 6, 2024 | By RetailME Bureau
Sunil Kumar, CEO, Spinneys

Starting as a shelf packer in 1994, Sunil Kumar saw his way 

Continue Reading

October 29, 2024 | By RetailME Bureau
Sunil Kumar and Debashish Mukherjee at MRF 2024

What does it take to sustain profitable growth in the post-IPO phase? 

Continue Reading

October 23, 2024 | By Anurima Das

Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in 

Continue Reading

October 7, 2024 | By Anurima Das
Naresh Kumar Bhawnani, Founder & Chairman, West Zone Group

“Retail is a people’s business. When building a retail brand or the 

Continue Reading

October 3, 2024 | By RetailME Bureau
Sunil Kumar, CEO, Spinneys

From being one of the first retailers in Dubai to ban single-use 

Continue Reading

October 1, 2024 | By RetailME Bureau
Walid Shabana, Co-founder & CTO, Rabbit

For starters, Rabbit is a growing e-commerce grocery platform in Egypt always 

Continue Reading

September 30, 2024 | By RetailME Bureau
Arunachalam Palaniappan, CTO, Choithrams

In 2024 grocery retail major Choithrams has achieved several milestones underscoring its 

Continue Reading

September 12, 2024 | By RetailME Bureau
#Topshelftalks session at Food Business Forum 2024

Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital 

Continue Reading

July 3, 2024 | By Anurima Das
#EdgeOfTomorrow session at Food Business Forum 2024

The regional grocery retail market is evolving fast keeping pace with constantly 

Continue Reading

July 3, 2024 | By Rupkatha B
#CartToCouch session at Food Business Forum 2024

If anything, the Middle East market is excited about quick commerce – 

Continue Reading

July 2, 2024 | By Rupkatha B
#EcoEchoes session at Food Business Forum 2024

From ethical and local sourcing to adopting cutting-edge technologies to curb food 

Continue Reading

July 2, 2024 | By Rupkatha B




Download Images RetailME Magazine