Alabbar’s Noon.com launches operations in Saudi Arabia

Noon, the US$1 billion e-commerce platform co-founded by the Emaar Properties chairman Mohamed Alabbar and Saudi Arabia's Public Investment Fund (PIF), started operations in Saudi Arabia on Tuesday, as it looks to tap into the region's burgeoning e-commerce market.

The e-retail joint venture is 50 per cent held by the Saudi sovereign wealth fund PIF, while a group of Arabian Gulf investors including Mr Alabbar controls the remaining stake. It went live in the UAE in September.

"Noon brings a dynamic, locally-driven and customer-oriented digital marketplace to the kingdom serving the community and offering a new and improved experience," Mr Alabbar said in a statement. He added that Saudi Arabia, the Arab world's biggest economy, is entering a new era of economic and digital transformation led by the kingdom's Vision 2030 programme. .

The Riyadh-based "Arabic-first" platform will sell a range of products across categories including electronics, fashion, beauty, baby, home & kitchen appliances and groceries, in partnership with established retailers and small and medium-sized businesses .

Noon has a dedicated distribution hub, logistics network and secure payment gateway to serve the kingdom, the company said in the statement. .

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UAE's digital sector to grow faster than rest of the economy

Kuwait's Alshaya invests in $1bn e-commerce platform Noon ahead of its launch

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Mr Alabbar in October told the Future Investment Forum in Riyadh that Noon would launch in Saudi Arabia before the end of the year.

The platform, he on Tuesday , will offer Saudi entrepreneurs, including start-ups, the opportunity to be part of a fast-growing digital ecosystem.
Noon's expansion to Saudi Arabia comes amid a flurry of e-commerce deals in the Middle East as investors jostle for a share of the region's e-commerce market that is set to grow to $20bn by 2020. The value of all online sales in the Middle East is expected to double to $48.8bn by 2021, according to BMI Research, a Fitch Group company.

Earlier this year, US giant Amazon snapped up Dubai-based online retailer Souq.com in a deal worth $580 million. Also this year, UAE e-commerce site JadoPado was acquired by a technology fund led by Mr Alabbar.

Noon has previously said it plans to move its headquarters from the UAE to Riyadh when the site launches in the kingdom.

How Voiss turns words to speech

The device has a screen reader or software that monitors what happens on the screen

The screen reader sends the text to the speech synthesiser

This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen

A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB

The speech synthesisers VOISS develops are free

Subsequent computer versions will include improvements such as wireless keyboards

Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser

Partnerships planned during Expo 2020 Dubai to add more languages

At least 2.2 billion people globally have a vision impairment or blindness

More than 90 per cent live in developing countries

The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device

Five expert hiking tips

Always check the weather forecast before setting off

Make sure you have plenty of water

Set off early to avoid sudden weather changes in the afternoon

Wear appropriate clothing and footwear

Take your litter home with you

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Tips for job-seekers

Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City

Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes

The bio

Favourite food: Japanese

Favourite car: Lamborghini

Favourite hobby: Football

Favourite quote: If your dreams don’t scare you, they are not big enough

Favourite country: UAE

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

While you're here

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The specs: 2018 BMW X2 and X3

Price, as tested: Dh255,150 (X2); Dh383,250 (X3)

Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)

Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)

Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

Marathon results

Men:

1. Titus Ekiru(KEN) 2:06:13

2. Alphonce Simbu(TAN) 2:07:50

3. Reuben Kipyego(KEN) 2:08:25

4. Abel Kirui(KEN) 2:08:46

5. Felix Kemutai(KEN) 2:10:48

Women:

1. Judith Korir(KEN) 2:22:30

2. Eunice Chumba(BHR) 2:26:01

3. Immaculate Chemutai(UGA) 2:28:30

4. Abebech Bekele(ETH) 2:29:43

5. Aleksandra Morozova(RUS) 2:33:01

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Business Insights

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UAE SQUAD

UAE team
1. Chris Jones-Griffiths 2. Gio Fourie 3. Craig Nutt 4. Daniel Perry 5. Isaac Porter 6. Matt Mills 7. Hamish Anderson 8. Jaen Botes 9. Barry Dwyer 10. Luke Stevenson (captain) 11. Sean Carey 12. Andrew Powell 13. Saki Naisau 14. Thinus Steyn 15. Matt Richards

Replacements
16. Lukas Waddington 17. Murray Reason 18. Ahmed Moosa 19. Stephen Ferguson 20. Sean Stevens 21. Ed Armitage 22. Kini Natuna 23. Majid Al Balooshi

SUZUME

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COMPANY PROFILE

Name: Kumulus Water

Started: 2021

Founders: Iheb Triki and Mohamed Ali Abid

Based: Tunisia

Sector: Water technology

Number of staff: 22

Investment raised: $4 million

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.