Emaar chairman, Saudi Arabia fund to form US$1b e-commerce firm

Dubai

A GROUP of investors led by Emaar Properties PJSC chairman Mohamed Alabbar and Saudi Arabia's sovereign wealth fund will each contribute US$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, Mr Alabbar said at a news conference in Dubai on Sunday. Saudi Arabia's Public Investment Fund will provide half of Noon's capital and will be an active participant in its board, while Mr Alabbar and about 60 other Gulf-area investors will contribute the other half of its capital. The firm could be listed in five to seven years, he added.