Middle Eastern e-commerce firm Noon.com is coming to Asia.
The venture of Dubai billionaire Mohammad Al Abbar and Saudi Arabia’s Public Investment Fund (PIF) announced its launch in Asia, with two units in China and an office headquarters in mainland China.
The $1 billion Internet retailer said one of the units will serve as sourcing offices, and will be located on the mainland, while the other will bow in Hong Kong.
“China’s booming e-commerce market has one of the most active marketplaces in the world,” said Noon.com founder, Mohammed Alabbar.
“Noon is fully embracing the opportunity to work closely with leading Chinese manufacturers to bring a high quality, value driven assortment to the region. We’re also looking to partner with top brand owners and marketplace platforms to help us curate a wider and more diverse assortment of products for our customers in the Middle East.”
Dubai-based Noon.com, a seller of fashion, accessories and footwear, as well as groceries and household items, among other items, is a new comer to the e-commerce scene.
Destined to rival U.S. e-commerce giant Amazon.com, its October 2017 debut came close behind Amazon’s acquisition of the region’s biggest online retailer, Dubai-based Souq.com, for $650 million.
Noon.com currently delivers to Saudi Arabia and the United Arab Emirates, the region’s largest economies.
Last month, the firm said it had signed a partnership agreement with Ebay to allow online shoppers to buy products from the United States and other parts of the world.