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Saudi Arabia’s Public Investment Fund (PIF) this week teamed up with Dubai businessman Muhammad Alabbar, CEO of Emaar Properties, to launch an e-commerce platform noon.com.
PIF will invest $500mn to take 50% of the JV. Under the kingdom’s National Transformation Program and Saudi Vision 2030, which aim to diversify the economy away from oil and gas revenue, PIF, the kingdom’s largest sovereign wealth fund is slated to play a leading role in revenue-generating investments.
Mr Alabbar says noon.com will be based in Riyadh and is due to start operations in January, initially in Saudi Arabia and the UAE, before branching out into other parts of the Mideast. Noon will have a large warehousing facility in Riyadh, and a second one to be based near Dubai’s new Maktoum International Airport. (CONTINUED - 309 WORDS)
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|table||Saudi Arabia’S Pif: Key Stakes ($Bn)|