March 25, 2023

Dubai Week

Complete Dubai News World

Noon plans to raise $ 2 billion from investors, including a public investment fund

Noon plans to raise $ 2 billion from investors, including a public investment fund, Amazon’s rival in the Middle East, is expected to receive up to $ 2 billion in funding from investors, including public investment funds, in three to four years. Middle East. Gulf

Noon founder Mohammad Alappar on Sunday delayed investments … Public Investment Fund Others will be used to modernize infrastructure and speed up distribution. “We are pleased with the progress we have made and its funding,” he added.

Noon operates in the United Arab Emirates, Saudi Arabia and Egypt, and is looking to expand to other countries across the Middle East.

Although the locks to combat the corona virus outbreak last year accelerated the transition to online shopping and food delivery, the Middle East is slower to adapt to e-commerce than other regions. E-commerce currently accounts for 2% to 2.5% of total retail trade in the region, ranging from 20% to 22% in the Western world and China.

“We have a long way to go. There is a lot of room for growth and a lot of countries are hiding,” Albert added.

Alper, who owns 50 percent of the company, along with other regional private investors, raised $ 1 billion in 2016 from supporters, including a public investment fund to build the company. The grocery store now has 4 million users daily as its growth is increasing daily.

“Traffic is growing on a monthly basis,” Alper said. “We easily double every year. The volume of parcel delivery is almost 2.5 times.”

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