Dubai-based billionaire Mohamed Alabbar has announced plans to launch an e-commerce platform with an initial investment of $1 billion together with Saudi Arabia’s Public Investment Fund (PIF).
Noon.com will be based in Riyad
With high levels of disposal income, world-leading internet and smartphone penetration, and changing consumer preferences, the GCC has the potential to become the world’s fastest growing e-commerce playground, a report said.
E-commerce transactions among institutions and individuals in the Middle East are estimated at $15 billion last year from almost 90 million users in the region, Industry, Commerce and Tourism Minister Zayed Al Zayani has said in a report in th
Souq.com, a leading e-commerce company in the region, has launched major sales campaign with a tag line “It’s yours”, offering over 1.5 million products at the most competitive prices.
The company will mark the n
Middle Eastern online retailer Souq.com has raised $275 million from a funding round with investors to support its future growth, it said on Monday, in the largest-ever fundraising in the region's e-commerce space.
Standard Chartered Private Equity (SCPE), the private equity arm of the bank, has made a $50 million equity investment, as part of a $275 million consortium, for a minority stake in online retailer Souq.com.
The investment will support
GCC banks are aiming to expand digital and mobile customer offerings, even as the UAE’s e-commerce market is set to quadruple to $10 billion by 2018, according to Bank Audi.
Eighty-one per cent of UAE customers would s
Jewel Corner, a Dubai-based retailer of high-quality jewellery, recently launched an exclusive e-commerce portal with videos that provide a holistic view of each product from the extensive range.
Jewel Corner, operating under Soft
More than 40 per cent of goods sold online in China last year were either counterfeits or of bad quality, the official Xinhua news agency said, illustrating the extent of a problem that has bogged down the fast-growing online sector.
Amazon.com Inc is considering the creation of a live online TV service and has reached out to networks such as CBS Corp and Comcast's NBCUniversal to express interest in carrying their channels, Bloomberg reported.