Noon invests in building a new era of Saudi youth entrepreneurship in partnership with the Public Investment Fund, says Alabbar

With Noon, the new digital marketplace with the largest assortment of products set to roll out in Saudi Arabia before the end of this year, the Kingdom will witness a new era in youth entrepreneurship, said Mohamed Alabbar, the founder of Noon. He was addressing a media briefing with Faraz Khalid, Chief Executive Officer of Noon, on the sidelines of the Future Investment Initiative in Riyadh.

Headquartered in Riyadh, Noon is a joint venture with the Public Investment Fund and a group of prominent Gulf investors, with an initial capital outlay of $1 billion.

Alabbar said that Noon is a customer-focused Arabic-first digital marketplace ‘born in Saudi Arabia,’ for the region, by the region and in the region. “We are excited to launch operations in Saudi Arabia shortly. Noon delivers on the goals of Saudi Vision 2030 with an innovative digital enterprise that is underpinned by strong public-private sector partnerships and a focus on creating high quality jobs and business opportunities for young Saudis. It also supports the development of the Saudi small and medium enterprises, another objective of the national transformation plan announced by His Royal Highness Crown Prince Mohammed bin Salman.”

Faraz Khalid said that Noon brings two exceptional strengths to the Kingdom. “We share our data insights with Saudi retailers to help them expand their market reach and enhance the customer experience. Noon is investing in delivery infrastructure and technology to bring a world-class shopping experience to customers in Saudi Arabia.”

Noon will have a large assortment of products covering fashion, beauty, fitness, sports, technology, games and household, among other offerings. For millennials, Noon is showcasing an exciting collection of modern gadgets and electronic goods. Noon will also cater to the needs of book lovers, adventurers and new parents. Customers in the Kingdom will soon be able to order via www.noon.com or download the Noon Mobile App via the iTunes or Play stores.

Developed after months of research, focus group surveys and elaborate testing, Noon will provide warm attentive and personalised service for customers in Saudi Arabia. Noon has already partnered with market leaders, small & medium enterprises and startups, helping them capture a greater share of the e-commerce market in the Kingdom and the wider region. Launched in the UAE earlier this month, Noon has been receiving strong response from the community.