Billionaire Emirati businessman Mohamed Alabbar has announced the launch of an online shopping platform featuring 20 million products.
The new e-commerce company, Noon.com, will have same-day delivery for products as clothing, books, sports and outdoor, toys and electronics.
Speaking at Dubai Opera House, Alabbar, who is also Chairman of Emaar, said: “We are turning e-commerce environment in the region upside down.”
The new $1 billion venture will be introduced in the UAE, Saudi Arabia and then worldwide from January.
Alabbar, who is leading the venture with Saudi Arabia’s Public Investment Fund, described Noon as “nothing less than a quantum leap in retail in the region, and the world”.
He added: “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.”
Alabbar said he expects the new company to have a dominant market share in the region with competitors such as Souq.com, which currently offers around two million products on sale.
“With Noon, we are offering the most customer-centric e-commerce 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.”
Payment can be made through NoonPay and the new venture will also have a logistics centre in the Dubai World Central.
A same-day delivery through Noon Transportation, an in-house express delivery service and Aramex will be provided.