Emaar Properties chairman Mohamed Alabbar and Saudi Arabia Public Investment Fund (PIF) are jointly funding an e-commerce platform, dubbed Noon.
Noon, which is set to go live in January, aims to be the region's ‘largest, game-changing' e-commerce platform that will deliver an array of 20 million products, including fashion, electronics, toys and household good.
Alabbar said: "We come with the endurance to build a customer-centric business for the long-term. For us, it's a marathon, not a sprint. With Noon, we are offering the most customer-centric e-commerce experience available anywhere.
"In one move, we are launching a future-focused company which is the biggest online shopping platform ever seen in the region. Noon is a company born in the Middle East and serves customers in the Middle East."
At the announcement, Alabbar revealed that the Public Investment Fund of Saudi Arabia will take 50 per cent equity in Noon, and Alabbar and other GCC investors leading the other 50%. He also revealed, Noon's head office will be based in Riyadh in Saudi Arabia, with more than 10 million sq ft of warehousing, which equates to the size of 60 football pitches.
Noon will begin operations in the UAE and Saudi Arabia and later expand in other Arab countries.