Amazon rival Noon to draw $2 bn from PIF, other backers to upgrade infra

Amazon.com Inc’s Middle Eastern rival Noon.com 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.

The Middle East has been slower to adapt to e-commerce than other regions, although lockdowns