Noon – the recently launched online marketplace in the UAE and soon to be rolled out in Saudi Arabia before the end of this year – promises to support a new era in youth entrepreneurship in the Kingdom, said Noon founder Mohamed Alabbar. He was addressing a media briefing with Noon CEO Faraz Khalid on the sidelines of the Future Investment Initiative in Riyadh.
Headquartered in Riyadh, Noon is a joint venture with the Public Investment Fund and a group of prominent Gulf investors, with an initial capital outlay of $1 billion.
Alabbar said that Noon is a customer-focused Arabic-first digital marketplace ‘born in Saudi Arabia,’ for the region, by the region and in the region.
“We are excited to launch operations in Saudi Arabia shortly. Noon delivers on the goals of Saudi Vision 2030 with an innovative digital enterprise that is underpinned by strong public-private sector partnerships and a focus on creating high quality jobs and business opportunities for young Saudis. It also supports the development of the Saudi small and medium enterprises, another objective of the national transformation plan announced by His Royal Highness Crown Prince Mohammed bin Salman,” he states.
Commenting on the two exceptional strengths that Noon brings to the Kingdom, Khalid adds, “We share our data insights with Saudi retailers to help them expand their market reach and enhance the customer experience. Noon is investing in delivery infrastructure and technology to bring a world-class shopping experience to customers in Saudi Arabia.”
Noon will have a large assortment of products covering fashion, beauty, fitness, sports, technology, games and household, among other offerings. For millennials, Noon is showcasing an exciting collection of modern gadgets and electronic goods. Noon will also cater to the needs of book lovers, adventurers and new parents.
Developed after months of research, focus group surveys and elaborate testing, Noon will provide warm attentive and personalised service for customers in Saudi Arabia. Noon has already partnered with market leaders, small & medium enterprises and startups, helping them capture a greater share of the e-commerce market in the Kingdom and the wider region.
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