Mohammed Alabbar to launch $1bn e-commerce platform:
"Prominent Dubai businessman Mohammed Alabbar is teaming up with a Saudi sovereign wealth fund to launch a $1bn e-commerce platform that he hopes will “dominate” ecommerce in the region.
Mr Alabbar, who separately chairs Dubai property giant Emaar that operates the city’s massive Dubai Mall, wants “Noon” to drive ecommerce sales from 2 per cent of the market, or $3bn, to 15 per cent, or $70bn, over the next decade, with his new company taking the “lion’s share”.
The site will in January launch in Saudi Arabia and the United Arab Emirates, promising to offer 20m products and fast delivery, before expanding around the rest of the Middle East."
'via Blog this'
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