Retailer Noon.com opens in UAE after delays, Amazon's entry

October 1, 2017
Retailer Noon.com opens in UAE after delays, Amazon's entry
In this Jan. 4, 2010 file photo, Mohammed Alabbar speaks to journalists in Dubai, United Arab Emirates. The online retailer Noon.com has launched in the United Arab Emirates after months of delays, more than $1 billion in pledged investments and Amazon's entry into the market. The website went live without fanfare late Saturday night. It's led by Alabbar, the CEO of the state-backed real estate developer Emaar. (AP Photo/Kamran Jebreili, File)

The online retailer Noon.com has launched in the United Arab Emirates after months of delays, more than $1 billion in pledged investments and Amazon's entry into the market.

The website went live without fanfare late Saturday night after Mohamed Alabbar, the chairman of the state-backed real estate developer Emaar Properties, who has led the project, earlier promised it would be online in January.

The company issued a statement quoting Alabbar as saying the website's launch was an "important first step in our journey." The company gave no explanation for its delays and made no one available to speak to The Associated Press on Sunday.

One of the biggest investors is Saudi Arabia's Public Investment Fund, a sovereign wealth fund in the kingdom, which put up $500 million for a 50-percent equity stake in Noon and a promise its headquarters would be in Riyadh. Other investors have been described as a group of nationals from the Gulf Cooperation Council, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

Noon's entry into the market has been bumpy, with a series of reported layoffs before its launch.

Amazon purchased the Middle East's biggest online retailer, the Dubai-based Souq.com, in March for $586 million, according to a June financial disclosure by the retailer. Emaar Malls PJSC, a spinoff of the developer, made an unsuccessful $800 million bid for Souq.com just before Amazon bought it.

Explore further: Dubai online retailer Souq.com says sale to Amazon completed

Related Stories

Amazon plans to double staff in New York City

September 22, 2017

It's not a second headquarters, but Amazon.com says it will add about 2,000 employees in New York City during the next three years, more than doubling an outpost focused on the online retailer's advertising business.

Recommended for you

A novel approach of improving battery performance

September 18, 2018

New technological developments by UNIST researchers promise to significantly boost the performance of lithium metal batteries in promising research for the next-generation of rechargeable batteries. The study also validates ...

Germany rolls out world's first hydrogen train

September 17, 2018

Germany on Monday rolled out the world's first hydrogen-powered train, signalling the start of a push to challenge the might of polluting diesel trains with costlier but more eco-friendly technology.

Technology streamlines computational science projects

September 15, 2018

Since designing and launching a specialized workflow management system in 2010, a research team from the US Department of Energy's Oak Ridge National Laboratory has continuously updated the technology to help computational ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.