Kuwait's Alshaya invests in $1bn e-commerce platform Noon ahead of its launch - The National:
"MH Alshaya, the Kuwaiti franchise operator which is present across the Arab world, Turkey and Russia, bought a stake in e-commerce platform Noon. It is a US$1 billion joint venture between a group of investors led by UAE billionaire businessman Mohamed Alabbar and Saudi Arabia’s Public Investment Fund and is expected to launch later this year.
Alshaya, whose franchises include Starbucks, Muji, Boots, The Cheesecake Factory and Victoria’s Secret, is the first retailer to announce a partnership with Noon, which was supposed to launch in January with 20 million products. The e-commerce retailer has said it will launch operations “later this year”, giving no further details.
The size of Alshaya’s investment in the platform was not disclosed."
'via Blog this'
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