Noon, the Middle East’s largest online shopping platform, which was founded last year by Emaar Properties Chairman Mohamed Alabbar, will launch this month. Alabbar is leading the company in a joint venture with Saudi Arabia’s Public Investment Fund and prominent GCC investors.
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, a statement said. Noon will offer 20 million products covering fashion, books, home & garden, electronics, sports & outdoor, health & beauty, personal care, toys, kids and baby products, and more. It aims to grow online sales in the region from 2 per cent of the total market ($3 billion), to 15 per cent ($70 billion) within a decade.
Noon will use the high-street fashion segment as a central plank in its strategy to dominate the region’s fast-growing e-commerce sector, the statement added. The retail powerhouse also announced it will offer hundreds of exclusive fashion brands, five times more than its nearest competitor.
Buyers will also be able to choose from more than three million products, in what will be a game-changing online retail experience for the region.