Riyadh, Saudi Arabia: Noon, the digital marketplace created in the region, for the region and powered by the region’s leading retailers, will launch in Saudi Arabia before the end of this year, said Faraz Khalid, Chief Executive Officer.

He was addressing a panel discussion at the Future Investment Initiative, organised by the Public Investment Fund in Riyadh, on ‘The World Next Door: What new Innovations are Reinventing E-Commerce.’

Launched earlier this month in the UAE, Noon has an initial capital outlay of $1 billion by the Public Investment Fund and a group of prominent Gulf investors including Kuwait’s M.H. Alshaya & Co. among others. It is headquartered in Riyadh and has already put in place a dedicated distribution hub, distribution channels and a secure payment gateway for serving Saudi customers.

Noon has a dedicated delivery fleet in Saudi Arabia, with professionals who know the market, and also offers flexible payment solutions, said Khalid. “Noon is working not only with large Saudi retailers but also SMEs and start-ups so that we remain connected with our audience – and deliver the personalised experience they seek.”

Khalid said that the MENA region, specifically, GCC has the perfect environment for the next era of growth in e-commerce. “While online sales are just two percent of the total retail in the Middle East, the market is fast evolving; an AT Kearney report states that online shopping will grow from $5.3 billion in 2015 to $20 billion by 2020.”

He said the digital savvy youth population, and the high levels of internet and smartphone penetration are the drivers of growth for the e-commerce market. “But this only forms the infrastructural back-up for digital enterprises. The key to leveraging the digital opportunity is to know your consumers and understand their aspirations. Noon is bringing an exciting assortment of brands at great value which we believe will be received well by our customers in our key markets – Saudi Arabia and the UAE. With both web and app-based experiences, Noon delivers what our customers need, where they need and how they need.”

Khalid said that Noon has created new jobs for Saudi talents and will focus on building the Kingdom’s SME sector. “The region’s most valuable resource is its digital-native youth. We are working with them, for them and the community to drive our next era of growth.”

-Ends- 

About noon:
New Age customers demand convenience, choice, quality and service excellence, all at their fingertips. Noon is for them – an online retail platform like never-before, in the region for the region.

Noon, both on the web and App, puts customers at the centre of its universe. Customers will be spoiled for choice with millions of products across every conceivable touch-point.

Noon’s proprietary customer-centric technology includes a dedicated secure payment gateway, delivery fleets and advanced fulfilment centre. Noon thus brings an abundance of choice, delivered on time, in absolute security and confidence.

Noon is an idea that has come of age, brought to life by Mohamed Alabbar, a visionary entrepreneur, in a joint venture with Saudi Arabia’s Public Investment Fund and a group of prominent Gulf investors with an initial capital outlay of $1 billion.

Noon is the future of retail. Explore its universe now at: www.noon.com

For more information, please contact:
Kelly Home
ASDA’A Burson-Marsteller
+9714 4507 600
kelly.home@bm.com

© Press Release 2017