A group of investors led by UAE businessman Mohamed Alabbar and Saudi Arabia's Public Investment Fund, launched the largest platform for e-commerce in the Arab world, named “Noon.com.”
The e-commerce venture is the latest that Alabbar has been associated with in recent months. Alabbar said last month he planned to launch a social app similar to WhatsApp for the region. In June, a U.A.E.-based investor group he led agreed to buy a majority stake in Kuwait Food Co., which operates KFC and Pizza Hut restaurants in the Middle East and North Africa. The group is expected to make a mandatory offer to buy the remaining shares in Kuwait Food.
Alabbar said he expects Noon to be profitable in five years and to enter Egypt and Iraq by 2018. It is also likely to use warehouses owned by Americana, which has three times the warehouse capacity of Aramex, he said.
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