![The Dubai Mall, the largest mall in the world by area and 18th largest by retail space [Alberto-g-rovi/Wikipedia]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2016/11/2013_07-1The-Dubai-Mall-the-largest-mall-in-the-world-by-area-and-18th-largest-by-retail-space.-1.jpg?fit=1200%2C800&ssl=1)
Dubai announced a $1 billion e-commerce platform, the first of its kind in the Middle East.
Speaking at a press conference, Chairman of Dubai’s Emaar Properties Mohammad Alabbar said Saudi Arabia’s Public Investment Fund will take a 50 per cent stake in the venture.
Alabbar hopes that the initiative called Noon will drive e-commerce sales from two per cent of the market, or $3 billion, to 15 per cent, $70 billion, over the next decade.
“In one move, we are launching a future-focused company which is the biggest online shopping platform ever seen in the region,” said Alabbar.
“We’re turning the e-commerce environment in Middle East upside down and then we’re going to turn it upside down again in another six months.”
Alabbar revealed that Noon will have 20 million products on its platform when it launches in January.