Noon, Middle East E-commerce Giant, Secures $500M Backing

Mohamed Alabbar, noon Founder

The Middle East’s homegrown Amazon rival, noon, has raised $500 million in new funding from backers including Saudi Arabia’s sovereign wealth fund as it works towards a potential initial public offering, according to people familiar with the matter.

Also among the backers are noon’s founder, Dubai-based Mohamed Alabbar, who is also chairman of the real estate developer Emaar Properties, the people said, asking not to be named.

A spokesman for the PIF declined to comment, while Riyadh-headquartered noon and Alabbar didn’t respond to requests for comment.

The fundraise comes as noon faces increasing competition from local and international rivals expanding in the region, eager to tap into the Gulf’s young, wealthy, and tech-savvy population. It also coincides with a busy time for PIF, which recently led a $55 billion takeover of Electronic Arts and is among those backing Paramount Skydance’s $108 billion hostile bid for Warner Bros. Discovery, even as it is trimming budgets for its large domestic investment plans.

Source: Semafor