MENA’s e-commerce noon secures $500mln funding co-led by PIF for potential IPO

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UAE – MENA-focused e-commerce platform noon has raised $500 million in new funding from existing backers, including Saudi Public Investment Fund (PIF) and Emaar’s Founder, Mohammed Alabbar.

The company moves closer to a potential initial public offering (IPO), according to a press release citing people familiar with the matter.

The funding comes amid intensifying competition in the region, as Amazon expands into groceries, China’s Meituan launches food delivery and dark-store operations in the Middle East, and Saudi-based Ninja scales its quick-commerce model following a $250 million raise earlier this year.

Established in 2016, noon operates an online marketplace alongside food delivery and online grocery services across Saudi Arabia, the UAE, and Egypt.

Its launch came shortly after Amazon acquired Dubai-based Souq.com for $580 million, positioning itself as a regional challenger to global e-commerce players.

In September, Alabbar told the Financial Times that noon has raised $2.70 billion to date and was last valued at close to $10 billion.

Meanwhile, the company is targeting a potential IPO within the next two years.