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The investments from the Public Investment Fund and others will be used to upgrade infrastructure and help speed up delivery, Noon founder Mohamed Alabbar said late on Sunday. They are pleased with our progress and they are happy to fund, he said.
The Middle East has been slower to adapt to e-commerce than other regions, although locksdowns to combat the coronavirus pandemic last year have accelerated the shift to online shopping and food delivery. Alabbar said e-commerce accounts currently for 2% to 2.5% of the total market in the region, compared with 20-20% to 22% in the eastern world and China.
Noon operates in the United Arab Emirates, Saudi Arabia and Egypt and is looking to expand it in other nations in the Middle East.
Alabbar is right that long way to go is the way to go. There is a lot of room for growth and a lot of countries to cover. Alabbar, who owns 50% of Noon in partnership with other local private investors, raised $ 1 billion from backers including the PIF, as Saudi Arabia's sovereign wealth fund is known, to create the firm in 2016. It has about 4 million daily users and growth is accelerating as it pushes into grocery delivery.
The traffic is increasing on a monthly basis, said Alabbar. The volume of package delivery is fast double every year and its volume doubling over 2.5 times. Any new funding for Noon would come amid a wave of tech investments in the region. In June, a PIF unit led a new financing round for online marketplace OpenSooq.com, looking to triple the number of employees in Jordan. Another unit of the Wealth Fund, SellAnyCar.com led a financing round of $35 million for Dubai-based online car trading company Sanabil last year.
This followed a series of landmark deals including the acquisition of Souq.com e-commerce platform Amazon and the sale of ride-hailing app Careem to Uber Technologies Inc.
Alabbar is also chairman of the largest developer in Dubai, Emaar Properties PJSC.
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