Dubai-based billionaire Mohamed Alabbar has announced plans to launch an e-commerce platform with an initial investment of $1 billion together with Saudi Arabia’s Public Investment Fund (PIF).

Noon.com will be based in Riyadh and the "game-changing" platform will be launched in January.

The region’s largest ecommerce company will be a driver of innovation which will offer a vast product selection and fast delivery across all categories, the new company said.

The online shopping experience in the Middle East will forever be changed with the launch of Noon in January, a Noon statement said.

Noon will launch in the UAE and Saudi Arabia markets first and will soon cover the entire Middle East region rapidly. Noon aims to grow online sales in the region from 2 per cent of the total market ($3 billion), to 15 per cent ($70 billion) within a decade, it said.

PIF will contribute 50 percent of the investment in the venture and the remaining will come from Alabbar and other regional investors. The project will be launched first in Saudi Arabia and the UAE.

Alabbar, who is also Emaar Properties chairman, described Noon as ‘nothing less than a quantum leap in retail in the region, and the world’.

Alabbar said: “We come with the endurance to build a customer-centric business for the long-term. For us, it’s a marathon, not a sprint. I am pleased to announce that the Public Investment Fund of Saudi Arabia will take 50 per cent equity in Noon. In addition, the head office of Noon will be based in Riyadh, Saudi Arabia.”

“With Noon, we are offering the most customer-centric ecommerce experience available anywhere,” he said. “In one move, we are launching a future-focused company which is the biggest online shopping platform ever seen in the region. Noon is a company born in the Middle East and serves customers in the Middle East.”

Noon brings a number of impressive firsts for the region:
•    Biggest selection, with 20 million products covering fashion, books, home & garden, electronics, sports & outdoor, health & beauty, personal care, toys, kids and baby products, and more
•    More than 10 million sq ft of warehousing. At 3.5 million sq ft the UAE fulfilment centre will cover more than 60 football fields
•    Same-day delivery through Noon Transportation, an in-house express delivery service
•    NoonPay, a secure and innovative payment gateway

Noon’s CEO, Fodhil Benturquia, said that a commitment to customer-centric service and innovative technology would be key to Noon’s success. “The customer is the purpose of our being, and we are here to win their hearts and their trust.” He added: “Our customer experience will be driven by state-of-the-art technology that will power everything from product discovery to purchase and delivery.”

He said that Noon, through its mobile app and noon.com website, will be an end-to-end ecommerce retailer. “We want to be the partner of choice for sellers, whether they’re big or small. We invite them to be part of our ecosystem, working together to change the online shopping landscape for the Middle East customer.”

“Our team not only comes with exceptional backgrounds, but also with an all-consuming passion to change the way things are done,” he added.

Noon’s team has a wealth of ecommerce experience earned at sector leaders including Amazon, Apple, PayPal, eBay, Google, Flipkart and others. – TradeArabia News Service