UAE businessman Alabbar open to more investments with Saudi PIF

Emaar Properties chairman Mohamed Alabbar is open to explore more joint investment options with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), The National newspaper reported.

No deal is currently on the table, Alabbar said, noting that “something might happen” but not at this stage.

Last November, Alabbar launched the $1 billion e-commerce platform, Noon.com, in partnership with the PIF, looking to dominate the region’s rapidly changing retail landscape.

Just weeks after co-investing in Noon, the PIF bought a 50 percent stake in Alabbar's investment vehicle Adeptio – a platform through which he successfully led a group of GCC investors in buying a majority stake in Kuwait Food Company (Americana) last year.