Online retailer Noon signs exclusive partnership with eXtra to sell consumer electronics
Noon to sell brands including Samsung, LG, Sony, Braun, Kenwood and Moulinex
Noon, the Riyadh-based regional online retailer, said it has signed an exclusive partnership agreement with United Electronics Company (eXtra) of Saudi Arabia to sell consumer electronics and home appliance items from brands including Samsung, LG, Sony, Braun, Kenwood and Moulinex.
“Our partnership with eXtra is consistent with our vision of making Noon a platform for the region’s retailers to come together on a digital marketplace,” said Mohamed Alabbar, founder of Noon. “We believe this partnership will improve Noon’s value proposition to its customers in Saudi Arabia and the UAE.”
The two companies will collaborate on commercial, marketing and supply chain platforms to take advantage of fast growing demand for online shopping in the region. Noon, which started operations in October, is a US$1 billion joint venture project between Saudi Arabia’s Public Investment Fund, the sovereign wealth fund, and a number of prominent Gulf investors led by Mr Alabbar, who is also the chairman of Emaar Properties.
“Such a strategic agreement is just another example of eXtra’s partnership to deliver regional and local market growth,” said Abdullah Al Fozan, Chairman and founder of eXtra. “This partnership will make a positive impact on the market growth, including the creation of new job opportunities for the youth in the kingdom.”
The creation of Noon comes amid a flourishing of e-commerce businesses in the region, and on the heels of Amazon’s purchase in March of the online retailer Souq.com, based in Dubai.
Published: December 1, 2017 12:15 PM