E-commerce Platform Noon Raises $500M as It Prepares for Potential IPO

noon, the Saudi-UAE e-commerce group co-founded by Mohamed Alabbar, has raised $500 million in new funding as it prepares for a potential initial public offering (IPO).

The financing round includes backing from Saudi Arabia’s Public Investment Fund (PIF) and participation from noon’s founder and chairman, Mohamed Alabbar, who also leads Dubai-based Emaar Properties.

noon was launched in 2016 with initial capital from PIF and backed by Alabbar’s investor group, with the fundholding split roughly between PIF’s 50 percent stake and private investors. The platform operates an online marketplace alongside food delivery and grocery services across Saudi Arabia, the UAE and Egypt, tapping into a rapidly expanding digital retail market in the region.

The $500 million funding comes amid intensifying competition in the Gulf’s digital commerce sector, where local players and international entrants alike are scaling offerings in e-commerce, quick commerce and delivery logistics.