Saudi PIF-backed Noon.com to be launched this year, says Alabbar

E-commerce platform Noon.com is on track to be launched this year, said billionaire businessman Mohamed Alabbar, founding partner of the Dubai-based website.

“Our beta program has been very insightful, and all the feedback we received from our early customers has allowed us to test and refine our technology and fulfilment model,” Alabbar said in a statement on Tuesday.

“It is vital that all our systems and processes work at the highest possible level. The coming months will be spent to ensure this, particularly with some of the many supply chain innovations we have been developing,” he added.

Alabbar said he is in the process of establishing strategic partnerships with a range of regional retailers, distributors and global brands that will allow Noon.com to provide its customers with a broad catalogue of product across categories.

“With noon, we aim to deliver an e-commerce platform that creates long-term economic value, is truly relevant to the region and supports its home-grown enterprises,” he said.

Noon.com is 50 percent-owned by the Saudi sovereign wealth fund, Public Investment Fund, while the other half is owned by Alabbar and other regional private investors.

The portal’s permanent operational base will be in Riyadh, Saudi Arabia, and the company is currently scaling up its resourcing and operations in the Kingdom.

The Middle East’s e-commerce sector has seen some major acquisitions recently, with US tech giant Amazon inking a deal to buy Dubai-based Souq.com in March this year.

Alabbar, who is the chairman of Dubai-listed Emaar Properties, also recently acquired JadoPado – another UAE-based e-commerce website.