Amazon competitor noon plans to raise about $2 billion ｜ imile c

noon, Amazon's Middle East competitor, will receive up to $2 billion in financing from investors including Saudi Arabia's sovereign wealth funds in three to four years, Seek to occupy a greater share of the electronic market in the Gulf region

noon founder Mohamed Alabbar said that investments from public investment funds and other institutions will be used to upgrade infrastructure and help accelerate delivery

compared with other regions, the Middle East is slow to adapt to e-commerce. Although the blockade measures taken to combat the coronavirus pandemic last year accelerated the transformation from physical retail to online shopping and food distribution, e-commerce currently accounts for only 2% to 2.5% of the total retail sales in the Middle East, compared with 20% to 22% in the western world and China.

noon operates in the United Arab Emirates, Saudi Arabia and Egypt and hopes to expand in other countries in the Middle East.

Alabbar told the media:" we still have a long way to go, there is a lot of room for growth, and there are many countries covered... The traffic volume is growing every month, we can easily double every year, and the package delivery volume has increased by almost 2.5 times."

currently, Alabbar shares 50% of noon with private investors in other regions and has raised $1 billion from supporters including PIF. He founded the company in 2016, with a current dau of about 4 million, and the growth is accelerating as noon enters the field of grocery distribution

the rise of the wave of science and technology investment makes noon better obtain capital sources, and PIF is a powerful promoter.

in June this year, a department of PIF led a new round of financing for opensooq, an online classified advertising business headquartered in Jordan, which hopes to triple the number of employees throughout the Middle East. It is worth mentioning that sanabil, another department of the wealth fund, also led a round of financing of $35 million for sellanycar, an online auto dealer headquartered in Dubai last year.

(imile cross border logistics shares industry information at home and abroad for reference only)

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