Thursday, June 1, 2017

Dubai-based Saudi E-Commerce Website Noon Put On-hold!

Few months ago, a viral press release announced that a group of investors led by UAE businessman Mohamed Alabbar and Saudi Arabia's Public Investment Fund, launched the largest platform for e-commerce in the Arab world, named

Yesterday, a Dubai-based Noon employee posted an update on his LinkedIn profile saying he is looking for a job as Noon had cancelled everything. When asked if they will close, the employee responded "The project is on hold because of some restructuring and a few internal changes".

More than 1 week ago, Noon's newly hired chief technology officer CTO Omar Kassim announced his resignation on his Twitter account:

Arabian Business portal published an emailed statement from Noon a couple of weeks ago that reads "Due to the shift in our operational base [To Saudi capital Riyadh] and the need for even greater efficiencies, there have been nominal staff reallocations and changes"

A regional debate has been raised since the announcement of that is based in Dubai.
Some were asking if it is the right step for giant investors to invest in an e-commerce website.
The debate was triggered recently again with Amazon acquiring Souq, another famous e-commerce website, couple of months ago given a higher bid offer from a Noon investor to acquire Souq itself!
More details about such conflict of interest in the report (CEO Conflicted Entrepreneurial Officer).

New Egypt Consulting is an e-commerce & social media company based in Cairo since 2011.
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