Noon raises US$2 billion to win the online race

In the Gulf, the battle for online sales is raging. The Noon marketplace (4 million daily users) is to receive US$2 billion over the next three to four years from investors including the Saudi Arabian sovereign wealth fund (PIF). The pure-player, which is present in the U.A.E., Saudi Arabia and Egypt, wants to expand to other Middle Eastern countries. Founded in 2016, Noon had already raised US$1 billion. 

In the region, Noon is Amazon’s arch-rival. The Noon platform has been diversifying...