Dubai based owner of real estate company Emaar, Mohamed Alabbar with other Gulf investors is launching a $1 billion regional ecommerce website, Noon.com. The website which is expected to be operational in January 2017 will see the Saudi Sovereign Wealth Fund invest 50 per cent, with the rest of the investment coming from 60 Gulf investors led by Alabbar.
Media reports cited him as saying that they are in the process of setting up setting up distribution centres and also a huge warehouse, which will be the size of 60 football stadiums.Dubai based owner of real estate company Emaar, Mohamed Alabbar with other Gulf investors is launching a $1 billion regional ecommerce website, Noon.com. The website which is expected to be operational in January 2017 will see the Saudi Sovereign Wealth Fund invest 50 per cent, with the rest of the investment coming from 60 Gulf investors led by Alabbar.
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In the initial stages, with an initial inventory of 20 million products, the ecommerce site will concentrate first on Saudi Arabia and the United Arab Emirates, after which it will expand to Egypt, the most populous Arab state. (AR)
ALCHEMPro News Desk – India
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