Noon, the Middle East’s homegrown challenger to Amazon, is preparing for a stock market debut within the next two years as it seeks to cement its role in the region’s booming e-commerce market.
Founded in 2016 by Dubai property tycoon Mohamed Alabbar with backing from Saudi Arabia’s Public Investment Fund, Noon has raised about $2.7 billion to date and is now valued at nearly $10 billion. Its black-and-yellow delivery vans are a familiar sight across Saudi Arabia, the UAE, and Egypt, where the platform sells everything from electronics and fashion to groceries.
Alabbar says the company is “almost” profitable, crediting stronger financials and technology upgrades. He has hinted at a dual listing in Saudi Arabia and the UAE within 24 months, a move he frames as both a reward for existing investors and a way to safeguard regional control of digital commerce. “I don’t want the Amazons of the world to come and control my country,” he told reporters.
One of Noon’s most ambitious bets is autonomous delivery. The company is piloting self-driving vans and compact three-wheeled vehicles, which it plans to lease rather than own. Alabbar says cutting half of its 40,000-strong driver workforce by 2027 would deliver “amazing” gains in cost efficiency.
Noon is also looking at acquisitions and partnerships to expand beyond the Middle East, with India under consideration as a potential new market. But the competition is intense.
Amazon, which bought Dubai-based Souq.com for $580 million in 2017, still dominates the region in scale. Fast-fashion giant Shein, Ikea’s online operations, and Chinese delivery players such as Meituan’s Keeta are also vying for customers.
Even so, Noon has established itself as a major force. Redseer Strategy Consultants estimates its gross merchandise value reached $5–6 billion in 2024. Yet challenges remain. Analysts note that Noon’s smaller average order size compared to rivals could slow profitability, while its aggressive push into grocery delivery — a segment where it now leads in the UAE — has squeezed margins.
Alabbar acknowledges that the company must show profitability before going public. Unlike Amazon’s early years of heavy losses in exchange for growth, he argues today’s investors expect financial discipline. “Our board members and the world and the banks don’t accept that nonsense anymore,” he said.
