FINANCIAL NEWS

Dubai, KSA to set up USD1bn e-commerce site

14 Nov 2016

(MENAFN) Dubai proclaimed that it will launch USD1bn regional e-commerce site in a mutual venture with the Saudi sovereign wealth fund and other Gulf investors.

Additionally, Noon.com will go online in Jan with 50 percent investment from the kingdom’s Public Investment Fund and the rest from almost 60 investors led by Alabbar.

Moreover, with a basic inventory of 20mn products, the online retailer plans to expand to Egypt, the Arab world”s most populous state, at the end of 2017 or early in 2018.

Meanwhile, products will involve fashion, books, home and garden, elects, sports and outdoor, health and beauty, personal care, toys, children”s and baby products.

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