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Sovereign Wealth Funds Briefing - Categorized | Trends

Quest for Arabian tech unicorn could end in mirage

Posted on 15 November 2016

Mohamed Alabbar’s dream of creating a Middle East rival to Amazon may turn out to be a mirage. The Dubai real estate mogul has teamed up with Saudi Arabia’s sovereign wealth fund to lead a $1 billion investment in a new online retailer called Noon.com. There are merits to backing e-commerce in a region where most shopping still takes place in giant malls.
To justify its unicorn status, however, the venture will have to achieve scale by expanding further afield - a feat few of the region’s start-ups have achieved. Securing the backing of Saudi Arabia’s Public Investment Fund (PIF) should at least make larger global rivals take Noon.com seriously……………………………………Full Article: Source


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