E-commerce platform Noon to launch in the UAE & KSA with $1bn investment


November 13, 2016 | By RetailME Bureau

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:

  • Biggest selection, with 20 million products covering fashion, books, home & garden, electronics, sports & outdoor, health & beauty, personal care, toys, kids and baby products and more
  • More than 10 million sqft of warehousing capacity. At 3.5 million sqft, the UAE fulfilment centre will cover more than 60 football fields.
  • Same-day delivery through Noon Transportation, an in-house express delivery service
  • NoonPay, a secure and innovative payment gateway

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the 

Continue Reading

January 17, 2021 | By RetailME Bureau
Cookit

Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created 

Continue Reading

January 5, 2021 | By RetailME Bureau




Download Images RetailME Magazine