Alabbar, Saudi PIF to Set Up $1 Billion E-Commerce Firm

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  • Group led by Emaar chairman, PIF each investing $500m
  • Called Noon, the company will market 20m items to customers

Alabbar, Saudi PIF to Launch E-Commerce Firm

A group of investors led by Emaar Properties PJSC Chairman Mohamed Alabbar and Saudi Arabia’s sovereign wealth fund will each contribute $500 million to an e-commerce venture to tap the Middle East’s fast-growing online retail market.

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