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Sovereign Wealth Funds Briefing - Categorized | Market

Alabbar, Saudi Sovereign Wealth Fund Launch E-Commerce Firm Noon

Posted on 14 November 2016

Emirati businessman Mohamed Alabbar on Sunday launched an e-commerce business with Saudi Arabia’s sovereign-wealth fund at an initial investment of $1 billion, as he seeks to tap the Middle East’s small but growing online sales market.
The new venture called “Noon” will offer 20 million products—ranging from fashion to electronics—to Middle Eastern households starting in January in a bid to create a homegrown version of e-commerce giants such as Amazon Inc. and Alibaba Group. Noon will initially operate from and focus on the U.A.E. and Saudi Arabia before expanding across the region……………………………………Full Article: Source


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