Souq CEO not worried by $1bn rival

The co-founder and CEO of Middle East e-commerce giant has said he is not worried by the launch earlier this week of Saudi-backed rival as the company gears up for its annual White Friday sales weekend.

Ronaldo Mouchawar said the company had grown 30 to 40 per cent year-on-year across its footprint covering the Gulf countries and Egypt and 50 per cent in Saudi Arabia, set to be Noon’s home market.

“First we have not seen the [Noon] platform, but I am a big believer that this category will grow and we’ll always have a huge share,” Mouchawar told reporters.

“Many e-commerce players have come to the region, including Rocket [Internet] and others. I think we’ll be ok, I’m not worried.

Dubai billionaire Mohamed Alabbar launched e-commerce on Sunday with a promise to dominate the Middle East e-commerce market.

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