Emirati businessman Mohammed Alabbar announced today the launch of a new e-commerce platform for the Middle East. It is dubbed Noon and its web address is as follows http://noon.com. The website is not yet operational, but the features aimed at accumulating users’ data as email subscription and social media follow up buttons are already active.
The new e-commerce platform is being funded with 50% investment from Saudi Arabia’s PIF. It will be based primarily in Riyadh. Noon.com will launch operations in January, with 20 million products on the platform, according to Alabbar.
Earlier in the year, it was revealed that Alabbar Enterprises, led by Mohammed Alabbar, along with a number of private investors from the region, is set to launch the Middle East and North Africa (MENA)’s largest technology fund.
The fund aims to collect investments worth $1 billion to drive Arab tech-entrepreneurship and create a “sharing-economy” business model that will be considered the first in the region.
The fund will search for opportunities in acquiring technological projects operating in high-growth sectors, such as retail, fashion, transportation, media and others.
Arab entrepreneurs are being called to help invest and help the fund’s growth. According to current estimates, tech startups’ funding in the MENA region was valued at over $750mln in 450 projects between 2013 and 2015.
The move comes amid other investment measures, which Alabbar recently adopted, including acquiring 16% of Aramex to help establish the biggest platform for e-commerce in the Arab world. In addition, the establishment of the first comprehensive electronic platform for payments is in the works regionally.
Alabbar had previously led the Adeptio group and succeeded in acquiring Kharafi’s share in Americana (Kuwait Food Company) for $2.36 billion.
