Alabbar, Saudi fund launch $1b ecommerce platform

Leading Dubai businessman Mohamed Alabbar and Saudi Arabia’s Public Investment Fund (PIF) are teaming up to launch a Middle Eastern e-commerce platform.

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. (Reporting by Alexander Cornwell; Writing by David French; Editing by Andrew Torchia)-Reuters