PIF, Dubai businessman Alabbar launch $1bn e-commerce platform

Noon.com will launch operations in Saudi Arabia and the UAE in January, according to Mohammed Alabbar.
Updated 14 November 2016

PIF, Dubai businessman Alabbar launch $1bn e-commerce platform

JEDDAH: The online shopping experience in the Middle East is set to forever change with the launch of Noon, described as the region’s largest-ever e-commerce company, in January.
Noon is designed to be a driver of innovation, which will offer a vast product selection and fast delivery across all categories.
With an initial investment of $1 billion, Noon will launch in the Saudi and UAE markets, and will soon cover the entire Middle East region. 
Noon aims to grow online sales in the region from 2 percent of the total market ($3 billion), to 15 percent ($70 billion) within a decade. 
Emaar Properties Chairman Mohamed Alabbar, who is leading the venture with prominent GCC investors, described Noon as “nothing less than a quantum leap in retail in the region, and the world.” 
Alabbar added: “We come with the endurance to build a customer-centric business for the long-term. For us, it’s a marathon, not a sprint. I am pleased to announce that the Public Investment Fund (PIF) of Saudi Arabia will take 50 percent equity in Noon. In addition, the head office of Noon will be based in Riyadh.”
“With Noon, we are offering the most customer-centric ecommerce experience available anywhere,” he said. “In one move, we are launching a future-focused company, which is the biggest online shopping platform ever seen in the region. Noon is a company born in the Middle East and serves customers in the Middle East.”
Noon is claims to bring a number of impressive firsts for the region. It will have the biggest selection, with 20 million products covering fashion, books, home and garden, electronics, sports and outdoor, health and beauty, personal care, toys, kids and baby products, among others.
It will have more than 10 million square feet of warehousing. At 3.5 million square feet, the UAE fulfillment center will cover more than 60 football fields.
Same-day delivery through Noon Transportation, an in-house express delivery service, and NoonPay, a secure and innovative payment gateway, are its other features.
Noon’s CEO Fodhil Benturquia said a commitment to customer-centric service and innovative technology will be key to Noon’s success. “The customer is the purpose of our being, and we are here to win their hearts and their trust. Our customer experience will be driven by state-of-the-art technology that will power everything from product discovery to purchase and delivery.”
Noon, through its mobile app and noon.com website, will be an end-to-end e-commerce retailer. “We want to be the partner of choice for sellers, whether they’re big or small. We invite them to be part of our ecosystem, working together to change the online shopping landscape for the Middle East customer.”
“Our team not only comes with exceptional backgrounds, but also with an all-consuming passion to change the way things are done,” he added.
Noon boasts that its team has a wealth of e-commerce experience earned at sector leaders, including Amazon, Apple, PayPal, eBay, Google, Flipkart and others.


Conflict-hit Libya to restart oil operations but with low output

Updated 10 July 2020

Conflict-hit Libya to restart oil operations but with low output

  • There is significant damage to the reservoirs and infrastructure
  • A first cargo of 650,000 barrels will be shipped by the Kriti Bastion Aframax tanker

TUNIS: Libya’s National Oil Corporation (NOC) lifted force majeure on all oil exports on Friday as a first tanker loaded at Es Sider after a half-year blockade by eastern forces, but said technical problems caused by the shutdown would keep output low.
“The increase in production will take a long time due to the significant damage to reservoirs and infrastructure caused by the illegal blockade imposed on January 17,” NOC said in a statement.
A first cargo of 650,000 barrels will be shipped by the Kriti Bastion Aframax tanker, chartered by Vitol, which two sources at Es Sider port said had docked and started loading on Friday morning.
The blockade, which was imposed by forces in eastern Libya loyal to Khalifa Haftar’s Libyan National Army (LNA), has cost the country $6.5 billion in lost export revenue, NOC said.
“Our infrastructure has suffered lasting damage, and our focus now must be on maintenance and securing a budget for the work to be done,” NOC chairman Mustafa Sanalla said in the statement.
Control over Libya’s oil infrastructure, the richest prize for competing forces in the country, and access to revenues, has become an ever-more significant factor in the civil war.
The internationally recognized Government of National Accord, supported by Turkey, has recently pushed back the LNA, backed by the United Arab Emirates, Russia and Egypt, from the environs of Tripoli and pushed toward Sirte, near the main oil terminals.