4 years ago

Noon.com to Raise $2 Billion for Middle East Expansion

  • Noon.com, an e-commerce platform competing with Amazon in the Middle East, is set to raise $2 billion over the next three to four years from investors including Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF)

  • The funding will be used to upgrade infrastructure and speed up deliveries

  • Noon operates in the UAE, Saudi Arabia, and Egypt and is looking to expand into other Middle Eastern countries

  • The investment comes amid a wave of tech investments in the region, including PIF's investments in OpenSooq.com and SellAnyCar.com, as well as Amazon's acquisition of Souq.com and Uber's acquisition of Careem.

      • ProblemTechnology

      "E-commerce adoption in the Middle East is lagging behind other regions, with only 2-2.5% of total retail happening online compared to 20-22% in the West and China. This presents a significant opportunity for growth."

      Solution

      "Noon.com is aiming to capture a larger share of the Gulf e-commerce market by investing in infrastructure upgrades and faster delivery services to improve customer experience and drive adoption. They are also expanding into new markets across the Middle East."

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