UAE, Saudi to launch $1b e-commerce site

AFP, DUBAI: Dubai business magnate Mohamed Alabbar announced yesterday the launch of a $1-billion regional e-commerce site in a joint venture with the Saudi sovereign wealth fund and other Gulf investors.
Noon.com is to go online in January with a 50-per cent investment from the kingdom’s Public Investment Fund and the rest from around 60 investors led by Alabbar, who heads the emirate’s real estate giant Emaar. He told a press conference that distribution centres are being set up in the Saudi cities of Riyadh and Jeddah, along with a giant warehouse the size of 60 football stadiums in Dubai.
“We expect to become a world player but will concentrate firstly on Saudi Arabia and the United Arab Emirates,” said the president of Emaar, the company which built the world’s tallest building, the Burj Khalifa in Dubai.

UAE, Saudi to launch $1b e-commerce site

AFP, DUBAI: Dubai business magnate Mohamed Alabbar announced yesterday the launch of a $1-billion regional e-commerce site in a joint venture with the Saudi sovereign wealth fund and other Gulf investors. Noon.com is to go online in January with a 50-per cent investment from the kingdoms Public Investment Fund and the rest from around 60 investors led by Alabbar, who heads the emirates real estate giant Emaar. He told a press conference that distribution centres are being set up in the Saudi cities of Riyadh and Jeddah, along with a giant warehouse the size of 60 football stadiums in Dubai. We expect to become a world player but will concentrate firstly on Saudi Arabia and the United Arab Emirates, said the president of Emaar, the company which built the worlds tallest building, the Burj Khalifa in Dubai.