Regional e-commerce website Noon.com is planning to float on the stock market in a global cross-listing within the next four to five years, Arabian Business reported, citing company chairman Mohamed Alabbar.
“This is an Arab company and the customers should enjoy the benefits, they should also have the chance to become shareholders. Listing the company is the least we can do,” he said.
Saudi Arabia's Public Investment Fund and Alabbar each own a 50 percent stake in the $1 billion e-commerce venture which went live last year.
Noon plans to add grocery deliveries to its platform from next year, Alabbar said, revealing it will launch "Yellow Friday," a mega sale this month.
Alabbar told Argaam last month that noon.com seeks to offer tough competition to more established global rivals and thanked Saudi customers for their support.
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