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:
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