15.11.2016 - Saudi Arabia and Alabbar eye online retail domination with $1bn enterprise
Mohamed Alabbar and Saudi Arabia’s government have teamed up to launch a US$1 billion e-commerce venture that will tap into the region’s rapidly changing retail landscape. The chairman of Emaar Properties revealed plans for the site called noon.com today. The Public Investment Fund (PIF), chaired by Saudi’s deputy crown prince Mohammed bin Salman, will invest US$500 million in a 50 per cent share of the venture, while the other $500m commitment has been provided by Mr Alabbar and a group "of about 60 private individuals"...........................................Full Article: Source
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