14 November 2016
As a young Emirati entrepreneur, Alabbar started his business journey in 1997 when he decided to set up a real estate firm.
Two decades later, he has risen to become one of the most prominent businessmen in Dubai and his brainchild, Emaar Properties, has become the emirate’s biggest listed developer with massive projects across 18 countries, including landmarks like The Dubai Mall and Burj Khalifa, the world’s tallest tower.
Looking to the future, Alabbar is now striking out on his own again and looking to the digital world for his next conquest. An ex-civil servant in the United Arab Emirates central bank and the Dubai government office in Singapore, he announced on Sunday the launch of a $1 billion e-commerce platform with Saudi Arabia’s Public Investment Fund (PIF). Named Noon.com, his latest business endeavor aims to offer 20 million products in different retail sectors including technology, fashion, toys and books. Read more here.
“This is the future,” Alabbar told reporters about his new e-commerce ambitions on Sunday. “We need to enter that business and excel and dominate as this is the future and we have to cope with that.”
Research by global consultancy firm AT Kearney expects the e-commerce market in the Gulf Cooperation Council (GCC) countries to grow to $20 billion by 2020, up from $5.3 billion in 2015. Alabbar expects the growth in the sector to reach $70 billion globally by 2025.
The Noon.com announcement on Sunday did not come as a surprise as it was proceeded by well-calculated business deals by the 60-year-old Emirati billionaire and was the final keystone in his plans to enter the digital world and the e-commerce sector.
Last October, Alabbar announced plans to launch a new WhatsApp-like phone messaging service for the Middle East. Read more here.
While in July, he led two investor groups to buy a combined 16.45 percent stake in Dubai-based logistics and transport firm Aramex. At the same time, this summer he led an investment group which bought a majority stake in Kuwait Food Co of Americana.
Alabbar said on Sunday that Noon.com would benefit from the existing networks in place to support Aramex and Americana. Read more here.
Some of the expertise will also come from his $113 million deal last April for his firm, Alabbar Enterprises, to buy a 4 percent stake in the Italian-based global online retailer Yoox Net-A-Porter (YNAP). Read more here.
“We seek to be the best, we have the best people, the best business practices, technologies and we will deliver the best for the customers,” Alabbar told reporters on the sidelines of a news conference to announce his new e-commerce portal on Sunday.
“We want to be dominant.”
© Express 2016
As a young Emirati entrepreneur, Alabbar started his business journey in 1997 when he decided to set up a real estate firm.
Two decades later, he has risen to become one of the most prominent businessmen in Dubai and his brainchild, Emaar Properties, has become the emirate’s biggest listed developer with massive projects across 18 countries, including landmarks like The Dubai Mall and Burj Khalifa, the world’s tallest tower.
Looking to the future, Alabbar is now striking out on his own again and looking to the digital world for his next conquest. An ex-civil servant in the United Arab Emirates central bank and the Dubai government office in Singapore, he announced on Sunday the launch of a $1 billion e-commerce platform with Saudi Arabia’s Public Investment Fund (PIF). Named Noon.com, his latest business endeavor aims to offer 20 million products in different retail sectors including technology, fashion, toys and books. Read more here.
“This is the future,” Alabbar told reporters about his new e-commerce ambitions on Sunday. “We need to enter that business and excel and dominate as this is the future and we have to cope with that.”
Research by global consultancy firm AT Kearney expects the e-commerce market in the Gulf Cooperation Council (GCC) countries to grow to $20 billion by 2020, up from $5.3 billion in 2015. Alabbar expects the growth in the sector to reach $70 billion globally by 2025.
The Noon.com announcement on Sunday did not come as a surprise as it was proceeded by well-calculated business deals by the 60-year-old Emirati billionaire and was the final keystone in his plans to enter the digital world and the e-commerce sector.
Last October, Alabbar announced plans to launch a new WhatsApp-like phone messaging service for the Middle East. Read more here.
While in July, he led two investor groups to buy a combined 16.45 percent stake in Dubai-based logistics and transport firm Aramex. At the same time, this summer he led an investment group which bought a majority stake in Kuwait Food Co of Americana.
Alabbar said on Sunday that Noon.com would benefit from the existing networks in place to support Aramex and Americana. Read more here.
Some of the expertise will also come from his $113 million deal last April for his firm, Alabbar Enterprises, to buy a 4 percent stake in the Italian-based global online retailer Yoox Net-A-Porter (YNAP). Read more here.
“We seek to be the best, we have the best people, the best business practices, technologies and we will deliver the best for the customers,” Alabbar told reporters on the sidelines of a news conference to announce his new e-commerce portal on Sunday.
“We want to be dominant.”
© Express 2016
