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Middle East gets new US$1b Online Shopping Platform

07/12/2016 0 113 views

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Dubai – “ASWAQ”
A new online retailer, Noon.com has recently been launched in the Middle East, with the aim of increasing online sales growth in the Middle East from 2 per cent of the total market (US$3 billion) to 15 per cent (US$70 billion) within a decade, as announced by Emaar Properties chairman Mohamed Alabbar.
The region’s largest e-commerce company, Noon will initially operate in the UAE and Saudi Arabia, with its head office in Riyadh. The US$1 billion venture is equally funded by Saudi Arabia’s Public Investment Fund and another group led by Alabbar and other GCC investors.
Alabbar said, “Noon is nothing less than a quantum leap in retail in the region and the world, and we want to turn the e-commerce market in the Middle East upside down. Noon will be a game-changing e-commerce platform.”
The e-commerce website will go live in January 2017 and will boast an inventory of 20 million products which include fashion, books, home and garden, electronics, sports and outdoor, health and beauty, personal care, toys, kids and baby products, and more.
According to Noon’s CEO Fodhil Benturquia, “We have 10 times more inventory than leaders in the market. Noon is eyeing market dominance.”
Noon has already tied up with local distributors, brands, small vendors and retailers. Benturquia said, “Our prices will be very competitive and we will offer a great customer experience. We will deliver authentic products on time and meet customer expectations. Physical stores also have the opportunity to sell on our platform.”
The retailer is building a 3.5 million sq. ft. warehousing facility (equivalent to the size of over 60 football fields) in DWTC. Other similar centres will soon come up in Riyadh, Jeddah and other Eastern provinces in Saudi Arabia. Noon currently has more than 10 million sq. ft. of warehousing under construction.

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