noon, has raised $500 million in fresh funding from backers including Saudi Arabia’s Public Investment Fund, as the company moves closer to a potential initial public offering, according to Semafor, citing people familiar with the matter.
The round also included participation from noon founder Mohammed Alabbar, the Dubai-based businessman and chairman of real estate developer Emaar Properties. A spokesperson for the PIF declined to comment, while noon and Alabbar did not respond to requests for comment.
Founded in 2016, noon launched with the PIF holding a 50% stake and investors led by Alabbar owning the remainder. The company operates an online marketplace alongside food delivery and online grocery services across Saudi Arabia, the UAE and Egypt. It entered the market just months after Amazon acquired Dubai-based Souq.com for $580 million.
Noon has previously raised approximately $2.7 billion in funding and was valued at close to $10 billion, Alabbar told the Financial Times earlier this year. He has said the company is working toward an IPO within the next two years, though no formal timeline has been announced.
The new capital comes as competition in the region’s e-commerce and quick-commerce markets intensifies. Amazon continues to expand its regional offering, while China’s Meituan launched food delivery services in the Middle East this year and is moving into dark-store grocery logistics. Saudi-based quick-commerce startup Ninja also raised $250 million earlier this year to support its own expansion.
According to Semafor, the fundraise reflects both noon’s ambitions ahead of a listing and the growing pressure facing regional platforms as global and local players battle for market share among the Gulf’s young, digitally native consumer base.
