Alab­bar, Saudi SWF launch $1bn e-com­merce plat­form

Kuwait Times - - BUSINESS -

DUBAI:

Busi­ness­man Mo­hamed Alab­bar and Saudi Ara­bia’s Pub­lic In­vest­ment Fund (PIF) are team­ing up to launch a Mid­dle Eastern e-com­merce plat­form, the Dubai-based bil­lion­aire an­nounced yes­ter­day. In­vestors are ini­tially con­tribut­ing $1 bil­lion to the project, which will be 50 per­cent owned by the Saudi sov­er­eign wealth fund, Alab­bar told a news con­fer­ence. The other 50 per­cent will be owned by Alab­bar and other re­gional in­vestors. Noon.com will launch op­er­a­tions in Saudi Ara­bia and the United Arab Emi­rates in Jan­uary, with 20 mil­lion prod­ucts on the plat­form, Alab­bar added.

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