Amazon rival Noon to raise US$2bil from backers including PIF

Amazon competitor, Middle East's Noon.com is raising RM8.35bil in financing, as it tries to expand in the region and encourage usage of e-commerce services. — AFP

Amazon.com Inc’s Middle Eastern rival Noon.com is set to draw as much as US$2bil (RM8.35bil) 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 (PIF) 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.