13 November 2016
Prominent UAE businessman Mohamed Alabbar on Sunday unveiled plans to launch an online shopping platform
Here's what you need to know about the new marketplace Noon.com
- It is a joint venture with Saudi Arabia's Public Investment Fund (PIF)
- Initial investments will total $1 billion, with PIF contributing 50 percent
- Noon.com will launch in January starting in Saudi Arabia and the United Arab Emirates
- It will offer 20 million products
"What we are planning to do is going to be on a global scale," Alabbar told a news conference
Read the full story here
Alabbar, chairman of Dubai-based developer Emaar Properties, said last month that he plans to launch a new WhatsApp-like phone messaging service for the Middle East. Read more here.
In July, he led two investor groups to buy a combined 16.45 percent stake in Dubai-based logistics and transport firm Aramex Read more here and in April his company Alabbar Enterprises took a 4 percent stake in online fashion retailer Yoox Net-A-Porter Read more here.
