Emaar, Saudi PIF to set up $1bn e-commerce firm

Bloomberg

A group of investors led by Emaar Properties PJSC Chairman Mohamed Alabbar and Saudi Arabia’s sovereign wealth fund will each contribute $500 million to an e-commerce venture to tap the Middle East’s fast-growing online retail market. E-commerce firm Noon will go live in January and provide 20 million items for customers, Alabbar said at a news conference in Dubai on Sunday. Saudi Arabia’s Public Investment Fund will provide half of Noon’s capital.