Dubai: Noon, the e-commerce venture of Dubai billionaire Mohammad Al Abbar and Saudi Arabia’s Public Investment Fund (PIF), announced Thursday its launch in Asia, with two entities in China.
It said that one of the entities, which are understood to be sourcing offices, will be on the mainland, while the other is set to be in Hong Kong. The company also said it will soon open a permanent office in China.
In China, Noon is aiming to establish a network of Chinese brand owners in order to bring a range of products to customers in the Middle East. The statement suggests that Noon will be sourcing products from China, rather than selling into the country, already a fiercely competitive market.
“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,” Mohammad Alabbar, founder of Noon, said in a statement.
The company said it has established a team on the ground with “support from Chinese counterparts,” to meet directly with local brand owners and establish business relationships. It has also partnered with an unnamed financial services company that provides “secure online money transfer and digital payment services”.