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05-10-21
Middle Eastern rival to Amazon Noon plans to raise up to USD2B
(MENAFN)A Middle Eastern rival to Amazon, Noon.com is aiming to increase to USD2 billion in the coming three to four years from Saudi sovereign fund PIF and other investors, to take a larger portion of the Gulf e-commerce market.
Noon founder Mohamed Alabbaron was quoted as saying that the money is going to be used to improve infrastructure and help accelerate deliveries.
Alabbaron further declared that E-commerce at present amounted 2 to 2.5 percent of total retail in the region in comparison with 20 to 22 percent in the western world and China.
Noon operates in the UAE, Saudi Arabia and Egypt and plans to enlarge its footprint in other nations across the Middle East.
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