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Kuwait’s Alshaya invests in UAE’s Alabbar-owned Noon

Kuwait’s Alshaya invests in UAE’s Alabbar-owned Noon
Noon founder Mohamed Alabbar

Dubai – Mubasher: Kuwait’s MH Alshaya Co has announced its acquisition of a strategic stake in new e-commerce platform, owned by the UAE’s Mohamed Alabbar, Noon.

Alshaya will also become a seller on Noon’s marketplace platform, through its portfolio of high-end fashion brands, a statement by the Kuwait-based firm said, but did not reveal the value of the acquired stake.

Commenting on the acquisition, Alshaya chairman Mohammed Alshaya said that his company sees “great value” in its deal with Noon, which complements the retail franchiser’s existing online channels.

“We are impressed by Noon’s capabilities, and we are excited to partner with the Noon team to present a winning value proposition for the region’s online shoppers,” Alshaya’s top official said in a statement, noting that the new partnership will enable Alshaya to expand its customer base as well as reach new market segments.

The deal will help Alshaya “participate in the next level of growth in regional e-commerce,” he added.
Meanwhile, Noon founder Mohamed Alabbar said that his company, which is set to launch its e-commerce platform later in 2018, is privileged with this new partnership.

“Noon brings a new business model for e-commerce, developing a strong supply chain that benefits regional businesses. We will work with the region’s leading brands and retailers to help them grow their business through Noon,” Alabbar stated.

In July, Faraz Khalid, was appointed CEO of Noon after holding the positions of former co-founder and managing director of fashion online retailer Namshi.

Alshaya is a major franchise operator across the GCC and Arab region with a portfolio of global brands in the fields of fashion, health and beauty, and home and lifestyle.