Middle East e-commerce heavyweight Noon has raised $500 million in fresh funding from its existing investors, including Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and the company’s founder, Mohammed Alabbar, as it intensifies preparations for a potential initial public offering.
People familiar with the matter said the injection of capital underscores continued confidence from Noon’s principal backers as the platform seeks to solidify its position in a fiercely competitive regional digital marketplace.
The funding round, which was not officially disclosed by the company, was led by PIF, reaffirming its commitment to the e-commerce group. Alabbar, who chairs Dubai-based Emaar Properties and is a key Noon shareholder, also participated in the round, sources said.
Noon, founded in 2016, operates an online marketplace alongside food delivery and online grocery services in Saudi Arabia, the United Arab Emirates and Egypt. The company was backed at launch by PIF with an initial $1 billion investment and has since become one of the Gulf’s most prominent digital commerce platforms.
The $500 million raise comes as Noon pushes toward a possible public listing, with plans to pursue an IPO in the next two years, according to prior statements from Alabbar. Investors have cited the need for a stronger balance sheet to support expansion and fend off mounting competition from global and regional rivals.
Noon has raised more than $2.7 billion to date and was last valued near $10 billion, reflecting growing investor appetite for large-scale tech ventures in the Middle East’s burgeoning digital economy.
The latest funding round is seen as a strategic step to bolster Noon’s financial footing and accelerate growth as it edges closer to public markets, while sustaining its push against intensifying competition in online retail and delivery services across the region.
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