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 Noon.com

1)
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".

2)
More than 1 week ago, Noon's newly hired chief technology officer CTO Omar Kassim announced his resignation on his Twitter account:

3)
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"

4)

A regional debate has been raised since the announcement of Noon.com 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).

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