noon, the Middle East’s homegrown e-commerce platform, has secured US$500 million in fresh funding from investors, according to people familiar with the matter. The capital injection comes as the company moves forward with preparations for a potential initial public offering (IPO).
According to Semafor, the latest funding round was backed by Saudi Arabia’s Public Investment Fund (PIF), with participation from noon founder Mohammed Alabbar, the Dubai-based businessman and chairman of Emaar Properties.
Founded in 2016, noon launched with the PIF holding a 50% stake, while the remaining ownership was held by Alabbar-led regional investors. Since its inception, the company has expanded rapidly across the Gulf and North Africa.
noon currently operates a diversified digital commerce ecosystem, including an online marketplace, grocery delivery, and food delivery services across Saudi Arabia, the UAE, and Egypt.
The company’s most recent valuation was close to US$10 billion, and it has raised approximately US$2.7 billion to date, according to a statement made by Alabbar earlier this year.
noon has indicated that it is targeting a public listing within the next two years, positioning itself to capitalise on growing investor interest in the region’s technology and consumer platforms.
The latest funding round comes amid intensifying competition in the Gulf’s e-commerce sector, as regional and international players continue to expand aggressively and invest in logistics, pricing, and customer acquisition.
