Founder of e-commerce venture Noon, Mohamed Alabbar, has revealed ambitions to invest a further $2 billion in the digital marketplace over the next three years in order to reach a goal of delivery to customers within 15-20 minutes.
- Global e-commerce giant Amazon began regional operations after acquiring Dubai-based Souq.com Dubai businessman Mohamed Alabbar, the founder of regional e-commerce platform Noon.com, has said he is not deterred by the competition posed by Amazon in the region.
Who is the owner of Emaar Dubai?
A global entrepreneur with active interests in high-value property development, retail, luxury hospitality, mining and commodities, Mohamed Alabbar is the founder and chairman of Emaar Properties PJSC.
Is Noon an Amazon company?
According to website rankings by Alexa— which is itself owned by Amazon —Noon.com is the 14th most-visited website in the UAE, while Amazon.ae places sixth. In Saudi Arabia, the biggest market in the Gulf, Amazon-owned Souq.com is the sixth most-visited site, with Noon all the way down the ranking at 26th.
Who is the Burj Khalifa owner?
Emaar Properties PJSC is the Master Developer of Burj Khalifa and is also one of the largest real estate companies in the world. Mr. Mohamed Alabbar, Chairman of Emaar Properties, said: “Burj Khalifa goes beyond its imposing physical specifications.
Who is Emirates owned by?
The Emirates Group is wholly owned by the Government of Dubai and has developed a diverse business portfolio, catering to a wide range of segments in the transport and tourism industries. The Emirates Group also assisted in the development of flydubai, a Dubai-based low-cost carrier.
Who is the richest man in Dubai?
Majid Al Futtaim – Net worth: $6.1 Billion With a net worth estimated by Forbes to be $6.1 billion, Majid Al Futtaim ranks as the richest person in Dubai.
How many billionaires does Dubai have?
Dubai is really rich. Dubai and Abu Dhabi control more than 83 percent of the UAE’s wealth. There are more than 30 billionaires living in Dubai.
Can Noon be trusted?
Noon is one of the most trusted online shopping sites in the United Arab Emirates. They have over 20 million monthly visits and offer more than 10 million products from the best brands on their platform.
Who is the CEO of Noon?
Mr. Khalid is the Chief Executive Officer of noon.com, a joint venture between the Kingdom of Saudi Arabia’s Public Investment Fund and Mohamed Alabbar.
Who is behind Noon?
Dubai businessman Mohamed Alabbar, the founder of regional e-commerce platform Noon.com, has said he is not deterred by the competition posed by Amazon in the region. The global e-commerce site began regional operations after acquiring Dubai-based Souq.com in 2017 for an estimated $650m.
Mohamed Alabbar – Wikipedia
|Mohamed Ali Alabbar|
|Mohamed Alabbar – Chairman of Emaar Properties|
|Born||November 8, 1956(age 65)Dubai,United Arab Emirates|
|Other names||Mohamed Ali Rashed Alabbar|
|Occupation||Founder ofEmaar Properties|
|Known for||Emaar PropertiesEagle Hills Properties|
|Children||Rashid Alabbar Salama Alabbar|
Mohamed Alabbar (Arabic: ), (born November 8, 1956) is an Emirati businessman and worldwide entrepreneur who is well-known in the Middle East. As the creator of Emaar Properties, which has developed landmark properties such as the Burj Khalifa and the Dubai Mall, he is perhaps best known, but he is also the chairman of Eagle Hills, an Abu Dhabi-based private investment and real estate development business. He is also the creator and director of noon.com, an e-commerce ecosystem for the Arab world and the largest e-commerce firm in the Gulf Cooperation Council, as well as the chairman of Americana Group, which is involved in the food industry.
The eldest of 12 children, Mohamed Alabbar was born in Dubai and raised there. Originally from Dubai, Alabbar’s father was the captain of a traditional commercial vessel known as an adhow, and he reared his children in the Rashidiya neighborhood. In the 1970s, Alabbar was awarded a government grant to attend The Albers School of Business and Economics at Seattle University, where he pursued a degree in finance and business administration. Alabbar earned a Bachelor of Business Administration degree from Seattle University in 1981, and has worked in the financial industry ever since.
Following graduation from college, Alabbar began his professional career as a banking manager with the Central Bank of the United Arab Emirates. Alabbar returned to Dubai in 1992 and began working for the government as the Department of Economic Development’s first director general, a position he held until 2003. (DED). As a result of his professional achievements, Alabbar developed a close working connection with Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, and eventually became one of Sheikh Mohammed’s key economic advisers.
It was Alabbar who conceived and produced theDubai Shopping Festival in 1996, which attracted more than two million visitors for an entertainment and shopping event that included street bazaars as well as fashion displays, cuisine festivals, and folklore performances, among other things.
The Dubai Crown Prince Endurance Cup will take place on March 23, 2013.
AMER, a private firm that strives to unleash the potential of natural resource prospects in Africa and connect them with big consumer markets in Asia, was founded by him as the company’s first shareholder and chairman. In addition to being the founder and majority stakeholder of RSH, the premier Singapore-based pan-Asian marketer and distributor of worldwide fashion and lifestyle brands, he is also a big shareholder in RSH. The board of directors of Noor Investment Group, an offshoot of the Dubai Group, the most diversified financial corporation under Dubai Holding, also includes Alabbar.
In 2015, Alabbar, who serves on the board of directors of Eagle Hills, revealed plans to build the largest mall in the Balkans in Belgrade, which was completed in 2016.
He also serves as the chairman of Eagle Hills, a real estate development business located in the United Arab Emirates that specializes in large-scale projects in high-growth international markets. He is a member of the Emaar Malls board of directors (DFM: EMAARMALLS)
Mohamed Alabbar competes in the Sheikh Mohammed bin Rashid Al Maktoum Endurance Cup 2013, which takes place in Dubai, United Arab Emirates. Alabbar is a member of the endurance horse racing community in the United Arab Emirates. Mohamed Alabbar competes in the Emirates Challenge on the 5th of January, 2013, in Wathba.
Businessman Mohamed Alabbar, the creator of regional e-commerce site Noon.com, has stated that the competition posed by Amazon in the region has not prevented him from continuing his venture. After acquiring Dubai-based Souq.com for an estimated $650 million in 2017, the global e-commerce site expanded into the Middle East and Africa. The Souq.ae website in the United Arab Emirates was rebranded as Amazon.ae early this year. In the United Arab Emirates, Souq has relaunched as Amazon.ae. “My counsel to them?” Alabbar stated in an interview with WIRED magazine.
- We want Noon to succeed because we don’t want to rely on a single individual to sell infant milk to our children.
- That will never happen under any circumstances.
- It is our responsibility to the 400 million Arabs that they participate in the digital economy.
- There is no necessity for military action against these foreign forces, since they are digital banks, digital enterprises, and digital media,” he told the magazine.
- Otherwise, why should I go through with it?
- Why should I have to go through this again?
- We’ll need to start an e-commerce operation.
- According to him, it “must to.” “The Amazons of the world are not unavoidable,” he went on to remark.
- A large number of these businesses are struggling to make a profit outside of their native markets.
Neolix will develop autonomous cars that are tailored to the meteorological conditions of the region, according to a report published at the time. Read more:Noon joins with China’s Neolix to test driverless cars in Saudi Arabia and the United Arab Emirates.
Alabbar reveals $2bn investment plans for e-commerce platform Noon
Mohamed Alabbar, the founder of e-commerce company Noon, has stated his intention to invest an additional $2 billion in the digital marketplace over the next three years in order to achieve a goal of delivering orders to clients within 15-20 minutes of placing an order. Launched four years ago in Riyadh as a joint venture with Saudi Arabia’s Public Investment Fund (PIF) and a group of renowned Gulf businessmen, with an initial capital investment of $1 billion, the platform has since grown into a global platform with a user base of more than 100 million people.
“I’m pleased with where we’ve arrived, but the road ahead is really tough since we’ll be delivering packages in 15-20 minutes, which will need a significant adjustment in our infrastructure.” The kind of investors we have are pleased with our success, and they are pleased to provide financial support.
The likelihood is that you’ll need it for three or four years.” The performance of the investment and the performance of the team has, however, convinced them that doing so is the best course of action.
In the area, e-commerce accounts for 2 percent to 2.5 percent of overall retail sales, according to Alabbar, whereas the western world and China account for 20 percent to 22 percent of total retail sales.
Previous interviews with Arabian Business in 2018 revealed that he intended to list Noon on the stock market in a global cross-listing within “the next four to five years.” The global entrepreneur is also the founder of Dubai-based Emaar Properties, which has developed assets such as the Dubai Mall and the Burj Khalifa.
Mohamed Alabbar, founder of e-commerce venture Noon.
However, while he stated that an initial public offering (IPO) was still in the works, he did not provide a timetable for when the company may go public. When you look at interest rates these days, they are so low that it would be a fantastic idea to go to the banks and do that, so yeah I believe it’s a fantastic proposal that’s been put out.” Although not at this moment, he believes that IPOs are a good thing to watch in the future. “I believe that after four years of performance, five years, or six years, there is nothing wrong with going public,” he says.
The reason is that the company is really valuable and developing rapidly, and you answer, “Fine, maybe later, but not now.” When Noon first debuted, it was primarily an online shopping portal, selling anything from high-end apparel to gadgets and household appliances.
Noon is presently available in Saudi Arabia, the United Arab Emirates, and Egypt, with future ambitions to expand the platform throughout the whole region, according to Alabbar.
The volume of package delivery is increasing every year by two-and-a-half times.
“I believe we should be in the Middle East because I believe the technology is running, the logistics are working, and the people are there; we just need to attract more talent, which is a problem for us.” We are constantly on the lookout for qualified candidates. I don’t have any specific figures to share with you, but I can guarantee you that we are hiring heavily.” At the time of writing, Noon has about 18,000 workers, with ambitions to hire “at all levels,” according to Alabbar, who was speaking at the annual Noon Seller Summit, held this year at Dubai Opera, when the dates for this year’s widely awaited Yellow Friday sale were announced (November 22-28).
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High Noon showdown
Mohamed Alabbar, a business mogul from Dubai, claims that the coffee here is the greatest in the city. Instead of referring to the espresso provided at one of the numerous five-star hotels he has constructed over the years, he is talking about a coffee he is sipping in the bustling UAE offices of Noon, an ecommerce company that was established by him only a few years ago. Emaar Properties, which Alabbar founded in 1997, erected the Burj Khalifa, the world’s tallest structure, and the enormous Dubai Mall, which are both visible from the office, which is in the shadow of the Burj Khalifa and nearby.
- After the beverages are brought to the table by an attendant, Alabbar proclaims that the coffee is superior to that provided at the neighboring Armani Hotel—which he should know, given he also constructed that establishment.
- It appears that Alabbar, the renowned city builder, is now more at ease amid the paper cups and industrial elegance of startup-land than he is within the cosseted constraints of the luxury development industry.
- Mohamed Alabbar’s full name is Mohamed Alabbar.
- (Rohit Sabu) “I’m concentrating on Noon right now,” he says.
- “That’s what I’m concentrating on.” Although he appears to be pumped up for a battle, Alabbar is a mixture of seriousness, levity, and gossip as he discusses his aspirations to dominate the internet retail market.
- The famed Arabian generosity, on the other hand, has its boundaries.
- ***** ALABBAR’S NOON.COM is a website dedicated to ALABBAR’S NOON.COM.
The stakes are really high.
Amazon purchased the Dubai-based retailer Souq for $583 million in 2017, and subsequently rebranded the site in the United Arab Emirates as Amazon.ae.
In August, a fund managed by Alabbar purchased the retail website JadoPado for an undisclosed sum.
The figures support the frenzy of purchase activity that has taken place.
Total ecommerce sales in the country are expected to reach about $16 billion this year, according to estimates.
All of this implies fierce rivalry between the two industry heavyweights—Noon and Amazon—as well as more than a dozen regional competitors offering anything from cellphones to socks and everything in between.
According to him, “Since Souq began operations more than 13 years ago, there hasn’t been a single day that hasn’t been filled with tremendous competition.” “That is not going to change.
He just has one message for Bezos: he should return home.
The reason we want Noon to succeed is that we don’t want just one person selling infant milk to our children.
That will never happen under any circumstances.
The founder of Noon, though, claims that it is more about defending people from Big Tech, and that the company was launched as a “local champion” for the Middle East.
“I believe it is our responsibility; otherwise, the Middle East will either be left behind or occupied by foreign forces, which will be digital banking, digital enterprises, and digital media, with no need for military intervention,” he argues.
Otherwise, why should I go through with it?
Why should I have to go through this again?
We’ll need to start an e-commerce operation.
“It needs to happen.” Noon has not always had easy sailing, as seen by the dramatic resignation of its CEO and a number of senior executives in early 2017, followed by the appointment of Faraz Khalid as the company’s chief executive later in the same year.
In response to a question about sales figures, Alabbar stated Noon is “coming close to being double the size of Amazon in the Middle East.” As the saying goes, “IF YOU GAIN TOO MUCH WEALTH, YOU GO CUCKOO AND SAY, ‘I WANT TO SIT IN THE WHITE HOUSE.'” That could not be independently verified, and Amazon declined to comment on the company’s proportion in the marketplace.
According to Alexa, which is owned by Amazon, Noon.com is the 14th most visited website in the United Arab Emirates, and Amazon.ae is the sixth most visited website in the country.
Alabbar, on the other hand, is certain that he is “starting to win” the fight.
“They are not impenetrable,” he asserts emphatically.
Considering that they are losing territory all around the world, they should concentrate their efforts in the United States, to see whether they can maintain control of their business while Walmart is fighting them.” To be honest, Alabbar’s most pointed statements are reserved for Amazon CEO Jeff Bezos.
- Specifically, Alabbar takes issue with Bezos’ 2013 acquisition of the Washington Post, which he believes was a political maneuver intended to benefit Amazon’s business.
- They have so much clout that they can afford to acquire media outlets such as the Washington Post.
- In the e-commerce sector or in politics, you might get excessively wealthy and declare, “I want to sit in the White House.,” explains Alabbar.
- ***** ALABBAR CREATES HIMSELF IN IMAGES It appears that Fas is pulling for the underdogs of the digital world, which he does on occasion, except when he doesn’t.
- Nonetheless, he is eager to do business with other major technology companies.
- You’re trying to convince me that’s free trade?
- How can it provide an opportunity for your children to pursue a career in the future?
As a result, when I hear that regulators are coming after these enormous giants, it doesn’t bother me because if I were that big, I believe they would have the right to do so.
IT WAS DUE TO THEIR OUTSTANDING PERFORMANCE.
” Alabbar’s company, Symphony Investments, was revealed to have inked an agreement to bring Didi Chuxing—biggest China’s ride-hailing company, which accounts for almost 90 percent of car reservations on its own turf—to the Middle East last summer, according to media reports.
However, the agreement demonstrates that Alabbar is not completely hostile to technology behemoths and that he is willing to be flexible in the implementation of his philosophy.
“It’s purely a commercial choice,” Alabbar said of his decision to invest in the corporation.
After learning that the Chinese coffee chain Luckin Coffee had struck a deal with the Kuwaiti food firm Americana—in which Adeptio, an investment group run by Alabbar had a stake—to grow its retail coffee operation in the Middle East and India, it made headlines in July.
Alabbar is also using technology into other aspects of his company.
Alabbar is also looking at potential in the financial technology sector, though he thinks it is too early to discuss particular plans at this time.
“There is a digital revolution taking place—every economy is digitizing,” he asserts.
It gives me a sense of relief that things are getting better.'” ***** ALABBAR WAS NOT BORN INTO GREAT RICHES, and he is not a member of one of the leading families of the United Arab Emirates.
“Neither my mother nor father could read or write.
In the United States, he studied finance and business administration at Seattle University, and then returned to the UAE to work as a manager at the Central Bank of Abu Dhabi, before going to Singapore and working for an investment firm.
Alabbar has a tight relationship with Sheikh Mohammed bin Rashid, the ruler of Dubai.
Alabbar confesses that he is a demanding employer, so much so that he has fired three of his own brothers as a result of his demands.
Three people were shot, and one person walked away.
“My mother was quite furious with me,” he recalls.
I put forward a lot of demands.
I’d want to have access to someone 24 hours a day.
“We have digital fighters on our team.
They are not going to allow anyone bring them down.
What I’m getting at is that passion can be dangerous.
The Amazonians, if they ever show up in our workplace, we’ll offer them coffee and they’ll immediately hurry to the restroom.
This is where we grew up.
There will be a lot of coffee spilt in the continuing competition to be the finest in town. This story first published in the Winter 2019-2020 issue of WIRED Middle East. It has been updated.
Alabbar says starting $1bn Noon.com was his ‘biggest risk’
Despite the fact that Mohamed Alabbar is best recognized for his job as chairman of Emaar Properties, two decades after launching the real estate behemoth, Mr Alabbar has ventured into e-commerce with the launch of Noon.com in 2017, a $1 billion e-commerce platform. At the annual entrepreneurship conference organized by TiE Dubai, the local chapter of The Indus Entrepreneurs, which was formed in Silicon Valley, Mr Alabbar admitted that it was the largest risk he had ever taken in his life. “After generating billions in my real estate firm, I really need to branch out into the digital world if I want to even be considered daring enough to do so.
- I’m sitting on the board of an incredible company with an incredible balance sheet and a phenomenal powerhouse.
- Alabbar expressed himself.
- The purchase of Noon, which was financed by Saudi Arabia’s national wealth fund, the Public Investment Fund, and other private investors, came shortly after that.
- The risk, on the other hand, has the potential to provide substantial benefits.
More information can be found at Mr Alabbar stated that the “digital economy is now a reality of life,” but that competition is strong, with global behemoths like as Amazon, Alibaba, and Flipkart dominating the market and driving down prices.
- If you don’t have the right muscles — the right technology, the right financial strength, the right people – you will die, and you will die rapidly in the digital and e-commerce worlds, according to he stated.
- How many are there in China?
- How many are there in the United States?
- As a result of its young population and readily available cash, he feels that the region has a unique opportunity, and that the development of local e-commerce businesses should be a top focus.
- According to him, it is frequently the situation that one market player is struggling and another is stepping in to take control.
- “I’m not going to accept it,” he said.
Emaar Malls, a subsidiary of Emaar Properties, purchased the remaining interest in online fashion retailer Namshi for Dh475.5 million ($129.5 million) earlier this month. It was in 2017 that the Dubai-based corporation originally acquired a 51 percent share in Namshi for $151 million.
Noon Company Profile: Funding & Investors
The owner and operator of an e-commerce platform that is designed to expedite the delivery of consumer goods as quickly as possible. In addition to men’s and women’s clothes, daily staples, toys, electrical devices, home goods and stationery are available from the firm, which serves as a one-stop shop for its consumers for all of their daily need.
We’ll assist you in locating what you require. More information may be found here.
|Deal Type||Date||Amount||Valuation/ EBITDA||Post-Val||Status||Debt|
This material may be found on the PitchBook Platform, as well. Request access to Noon’s complete profile to learn more about him. To get a free trial, please click here.
In the PitchBook Platform, you may get this information. You must first request access in order to see Noon’s entire profile. Free trial can be requested.
If you want to be comfortable, go ahead and use the word “commodo” in your sentence. Duis aute irure dolor in reprehenderit in voluptate velit esse 00000000 000000Dubai, United Arab Emirates00As of000000.000000000000 00.000Dubai, United Arab Emirates00As of000000.000000000000 00.000Dubai, United Arab Emirates00As of000000.000000000000 00.000Dubai, United Arab Emirates00As of000000.000000000000 00.000Dubai, United Arab Emirates
If you want to be comfortable, go ahead and use the word “commodo.” 00000000 000000Dubai, United Arab Emirates00As of000000.000000000000 00.000Dubai, United Arab Emirates00As of000000.000000000000 00.000Dubai, United Arab Emirates00As of000000.000000000000 00.000Dubai, United Arab Emirates00As of000000.000000000000 00.000Dubai, United Arab Emirates00As of000000.000000000000 00.000Dubai, United Arab Emirates00As of000000.
Noon Competitors (5)
|Company Name||Financing Status||Location||Employees||Total Raised||Last Financing Date/Type||Last Financing Amount|
|Cartlow||Venture Capital-Backed||Dubai, United Arab Emirates||00||00.000||000000000||00.000|
|000 000-0-000000 0||Formerly VC-backed||Hong Kong, Hong Kong||0000||000000 0|
|000000 (000000 000||Private Equity-Backed||Saint-Denis, France||0000||0000000 0000|
|000000000||Venture Capital-Backed||Hangzhou, China||0000||00000||00000000000||00000|
|00000000||Formerly VC-backed||Amman, Jordan||000||0000||000000 0||0000|
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Weekly Growth Rate: 0.80 percent Growth Rate Weekly growth was 0.80 percent, placing it in the 93rd percentile of 35.5 percent. 530 percent of the total Size Multiple 219xMedianSize Multiple219x, 100th percentile0.00×0.95x.413Kx, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x, 219x The Most Important Data Points Followers on Twitter: 5.5k 15.0 kilometers of unique visitors on Similarweb ajestic Referring Domains are a type of domain that is used to refer to another website.
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|Investor Name||Investor Type||Holding||Investor Since||Participating Rounds||Contact Info|
The weekly growth rate was 0.80 percent. Gross weekly growth was 0.80 percent, which placed it in the 93rd percentile of 35.5 percent growth. five hundred and thirty-three percent Size Multiple Two-hundred-and-ninety-ninth percentile0.00×0.95x.413Kx, two-hundred-and-ninth percentile0.00×0.95x.413Kx, two-hundred-and-ninth percentile0.00×0.95x.413K Points to Remember Followers on Twitter: 5.5 thousand. 15.0 kilometers of unique visitors on Similarweb15.0 kilometers ajestic Referring Domains are a type of domain that is used to refer to another domain.
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Founder of noon.com and Emaar Mohamed Alabbar resigns from Aramex
Mohamed Alabbar, the founder of noon.com and Emaar, has resigned from his position as CEO of Aramex. Emirati business magnate worth a billion dollars Mohamed Alabbar, the founder and chairman of Emaar, which has its headquarters in Dubai, has resigned from his position as a board member of Aramex, which is publicly traded on the Dubai Financial Market and is a leading worldwide logistics firm. It has been revealed by a stock marketmissive that Alabbar resigned due to personal reasons. An additional board member, Christine Holgate, who represented Australian Post Transactions Services, resigned the day before Alabbar’s departure.
It was reported at the time that Australian Post Transactions Services had sold its 10 percent investment in the Dubai-listed firm for $164 million (AED602.4 million), according to stock market filings.
The company’s revenues increased by 8 percent throughout the year, reaching $1.4 billion (AED5.1 billion).
Posted inInformation Technology
Dubai businessman Alabbar, Saudi SWF launch $1 billion e-commerce platform
DUBAI (Reuters) – The United Arab Emirates (UAE) is a member of the Organization of Islamic Cooperation (OIC). Mohamed Alabbar, a prominent Emirati businessman, said on Sunday that he had partnered with Saudi Arabia’s Public Investment Fund (PIF) and other private investors to build a $1 billion e-commerce platform centered on the Middle East and North Africa. At a news conference in Dubai, Alabbar revealed that Noon.com was 50 percent owned by the Saudi national wealth fund, with the remaining 50 percent held by him and other regional private investors, whom he declined to name.
Because of insufficient logistics and electronic payment methods, e-commerce has struggled to establish a meaningful footing in the Middle East, despite the region’s youthful and technologically educated populace.
According to Alabbar, the firm wants to expand to Egypt, the Arab world’s most populous country, by late 2017.
Noon.com’s chief executive officer, Fodhil Benturquia, explained that the endeavor will take both online payments and cash upon delivery to make up for the difficulties associated with electronic payments.
Alabbar stated that the Riyadh-based firm, which derives its name from the Arabic letter ‘noon,’ aims to achieve profitability within five years and to be listed on a stock exchange within five to seven years.
ABU DHABI (Reuters) – The United Arab Emirates has banned the use of its currency, the dirham, in the country’s capital city. Mohamed Alabbar, a prominent Emirati businessman, said on Sunday that he has formed a partnership with Saudi Arabia’s Public Investment Fund (PIF) and other private investors to build a $1 billion e-commerce platform focusing on the Middle East and other regions. At a news conference in Dubai, Alabbar revealed that Noon.com was 50 percent owned by the Saudi national wealth fund, with the remaining 50 percent held by him and other regional private investors, whom he did not identify.
- A lack of suitable logistical infrastructure and electronic payment systems has made it difficult for e-commerce in the Middle East, despite its young and technologically adept populace.
- According to Alabbar, the firm wants to expand to Egypt, the Arab world’s most populous country, by late 2017.
- For the purpose of addressing challenges associated with electronic payment processing, Noon.com CEO Fodhil Benturquia said that the initiative will take both online payments and cash upon delivery.
- Alabbar stated that the Riyadh-based firm, which derives its name from the Arabic letter ‘noon,’ aims to achieve profitability within five years and to list on a stock exchange within five to seven years, depending on market conditions.
Dubai billionaire-backed e-commerce venture Noon appoints new CEO
DUBAI, United Arab Emirates, July 24 (Reuters) – In a new executive appointment, Faraz Khalid will lead Noon, an e-commerce business funded by Dubai billionaire Mohamed Alabbar and Saudi Arabia’s sovereign fund Public Investment Fund (PIF). Khalid comes to Noon from Namshi, a Middle Eastern online apparel business that he co-founded and oversaw as managing director, according to a statement released on Monday by the company. After missing its January debut date, Noon has been without a chief executive since at least May, according to reports from Reuters, which stated that CEO Fodhil Benturquia and other workers had departed the business.
It is on schedule to launch this year, according to Alabbar, because Noon is finishing up final work on its fulfillment infrastructure and payment systems.
Kearney, the e-commerce business in the Gulf area is predicted to rise to $20 billion by 2020.
He has been increasingly focused on technology ventures and e-commerce, and he recently purchased a share in regional shipping company Aramex.
(Hadeel Al Sayegh and Alexander Cornwell contributed reporting, and Jason Neely edited the piece.) for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Dubai-Based E-Commerce Marketplace Noon To Make
Entrepreneur Middle East is an international franchise of Entrepreneur Media, and you are now reading it. As part of its debut in the coming months, Dubai-based e-commerce marketplace noonwill make a “significant investment” in building its mother and baby online market, which will see the company roll out key new technology and worldwide alliances. Commons image courtesy of Wikimedia Commons Mohamed Alabbar’s full name is Mohamed Alabbar. The creator of NoontoldEntrepreneur Middle East, Mohamed Alabbar, stated that “this is a significant focus for us, without a doubt.” Our huge logistical capabilities will make it easier and faster than ever for moms to organize the delivery of frequently used newborn essentials such as diapers and infant formula.” It is about providing our consumers in this area with exactly what they want and desire in the shortest amount of time.” When this vertical launches, a slew of new items will be introduced, making it simpler for moms to shop directly from a diverse range of local and international companies.
The new items and technology will be promoted to the millions of existing Noon customers who have already purchased them.
Noon.com Uses Partnerships In Its Battle With Souq.com
It all started with Amazon’s acquisition of Souq. In March 2017, Emaar Malls of Dubai made a $800 million bid for Souq.com, which was a significant premium above the $1 billion that Amazon was expected to pay for the company. The dilemma for Emaar Malls was straightforward: the management of Souq had entered into an exclusivity arrangement with Amazon. Souq is a pioneer in the field of e-commerce in the Middle East. It established a marketplace that provided vendors and customers from the Middle East with the chance to acquire things without having to go through the lengthy process of transnational e-commerce transactions.
- The Middle East offered investors with one of the final possibilities to engage in a market that may create significant profits prior to Souq’s purchase because there was no market leader at the time of the acquisition.
- The fact is that Souq, and for that matter, e-commerce, has placed Emaar Malls in a precarious financial and operational position.
- Souq is a market-leading marketplace, therefore the option to buy it made perfect sense.
- An investment fund run by Mohamed Alabbaracquired Jadopado, a company that was at the time a competitor to Souq.
- “It has been bought by a significant regional firm,” Jadopado said on its website after it was forced to shut down its operations.
- Just two weeks after purchasing Jadopado, Emaar Malls announced that it had bought a 51 percent stake in Middle East fashion portal Namshi from Rocket Internet’s Global Fashion Group.
- Alabbar was the driving force behind two investment groups that purchased a combined 16.45 percent interest in Dubai-based courier Aramex in late July.
Towards the end of 2017, Emaar Malls debuted Noon.com, its most ambitious venture to date.
It was revealed that Noon.com was 50 percent owned by Saudi Arabia’s national wealth fund, with the remaining 50 percent controlled by Mohamed Alabbar and other regional private investors, whom he would not name.
Also bear in mind that Yoox Net-a-Porter was bought by Emaar Malls in 2016 for a 100 million Euro investment.
Noon.com is, in essence, a collection of all of Emaar Malls’ investments put together.
With this particular agreement, Emaar Malls is demonstrating its commitment to building long-term relationships with the local Middle Eastern retail community.
Going worldwide is a big deal.
Logistic Middle East has reported that the company Noon would now complete all eBay orders placed through Noon and deliver the items to clients in the Middle East.
The Souq cooperation with eBay may be traced back to Souq’s decision to begin offering customers access to millions of worldwide items that are supplied through Amazon’s distribution networks.
Noon is expanding its offerings by including auctions and groceries.
It is worth mentioning that auctions on Souq.com have failed, but the site’s partnership with local stores and the failure of auctions might give buyers with access to lower-priced items.
Souq has been delivering goods to its consumers since October 2016, and the company has also invested in a business that specializes in grocery delivery and pickup.
A look at data from SimilarWeb offers a picture of how dominating Souq is in the Middle East, demonstrating the extent of its dominance.
Despite the fact that both firms rely on mobile applications and online marketplaces, it is easy to see why Emaar Malls would wish to include Noon.com as a component of Dubai Square (the new super mall that is being built in Dubai).
When a company spends and invests substantially, it may develop quickly, but entering a market that has a 12-year head start on its dominant rival is a mountain that is very tough to scale for a new market.
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Noon to Raise $2 Billion From Saudi’s PIF and Others
Mohamed Alabbar, the founder of e-commerce company Noon, has stated his intention to invest an additional $2 billion in the digital marketplace over the next three years in order to achieve a goal of delivering orders to clients within 15-20 minutes of placing an order. In order to expand its reach into the Gulf e-commerce sector, the company will seek funding from Alabbar, the Chairman of Emaar Properties, as well as Saudi Arabia’s sovereign wealth fund (PIF) and other financial institutions.
Alabbar, in partnership with other regional private investors, has a 50 percent stake in Noon.
It now has over 4 million daily users, and its growth is rising as it expands into grocery delivery.
In the area, e-commerce accounts for 2 percent to 2.5 percent of overall retail sales, according to Alabbar, whereas the western world and China account for 20 percent to 22 percent of total retail sales.
It is Amazon’s most significant rival in the Middle East.
In June, a PIF affiliate participated in a fresh fundraising round for Jordan-based online listings company OpenSooq.com, which plans to increase its staff across the Middle East by the end of the year.
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