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Amazon Rival Noon to Draw $2 Billion From PIF, Other Backers

  • PIF among investors to commit funding over three to four years
  • The Middle East lags other regions in e-commerce growth
The Noon website.

The Noon website.

Source: Noon

Updated on Inc’s Middle Eastern rival is set to draw as much as $2 billion in financing from investors including Saudi Arabia’s sovereign wealth fund over three to four years, as it seeks to capture a larger slice of the Gulf e-commerce market.  

The investments from the Public Investment Fund and others will be used to upgrade infrastructure and help speed up deliveries, Noon founder Mohamed Alabbar said late on Sunday. “They are happy with our progress and they are happy to fund,” he said.