Saudi Public Investment Fund (PIF) will acquire a 50% stake in Noon, the Middle East's first independent e-commerce platform, in January 2017, putting the online shopping experience in the region on the threshold of a historic change and taking it into a whole new space. Noon will be the largest e-commerce company in the region and will adopt an innovative business model that provides a fast delivery service to the consumer's doorstep with a wide range of products covering all consumer categories. This was explained by Mohamed Alabbar, Chairman of Emaar Properties.

Noon's initial investment is US$1 billion and initially intends to provide its services to consumers in the UAE and Saudi Arabia with future expansion plans to cover the entire Middle East market soon. The company aims to increase current e-commerce sales in the region within a decade from US$3 billion, or 2% of total sales and trade in the region's markets, to US$70 billion, or 15%, in the future.

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Bin Alabbar: Through Noon, we will provide a consumer-centered e-commerce experience that will be the best in the world. We are launching a futuristic company that will be the largest e-commerce platform the region has ever seen. We are launching Noon in the Middle East to serve shoppers in the Middle East." Once launched, Noon is expected to achieve a number of unprecedented milestones in the region: The largest selection of goods and products in the Middle East with 20 million products covering fashion, electronics, books, home and garden, and more.