LONDON: The online “Arabic-first” shopping platform Noon.com has launched in Saudi Arabia, aiming to carve out a share in what is still a relatively nascent market for e-commerce.
Noon is a joint venture between Emaar Properties chairman Mohamed Alabbar, Saudi Arabia’s Public Investment Fund and the Kuwaiti franchise operator MH Alshaya. It initially launched in the UAE in October. The Saudi market offers significant growth potential to online retailers, analysts say, given the low proportion of the population who regularly shop on the internet rather than in the Kingdom’s shopping malls.
“KSA is a key market for online retail,” said Euromonitor analyst Rabia Yasmeen, adding that the online share of the total Saudi retail market is around 1.4 percent.
Norma Taki, head of retail at PwC Middle East, added: “Our 2017 Total Retail survey results show that 27 percent of shoppers in KSA like to shop online monthly versus 45 percent who shop only a few times a year.
“This highlights that there is a huge opportunity for market entrants such as Noon.com to come in and capitalize on the young population and the tech-savvy end consumer the KSA market has to offer.”
Noon went live at midday on Dec. 12. It is headquartered in Riyadh and offers products across a wide range of sectors including beauty, fashion, electronics, home and kitchen and groceries. Shoppers can make purchases online or via a downloadable app.
“Noon brings a dynamic, locally-driven and customer-oriented digital marketplace to the Kingdom serving the community and offering a new retail and much-improved experience,” said the founder of Noon, Mohamed Alabbar.
“With talented young Saudis driving its operations, along with being powered by Saudi and regional retailers showcasing their amazing products, the platform also offers Saudi entrepreneurs, including startups, to be part of a fast-growing digital ecosystem.”
Noon will be a competitor to Souq.com, which was acquired by global online giant Amazon in March. Souq already operates in Saudi Arabia, Bahrain, Kuwait and Egypt.
This month Souq launched Amazon Global Store, which allows customers in the UAE to purchase products from the US-based Amazon.
The Middle East is set to be one of the fastest-growing regions globally for e-commerce, according to BMI Research. It predicted sales to double to at least $48.8 billion by 2021, in a research note published in September.
This growth is partly due to the high proportion of young consumers, BMI said, with all the Middle Eastern countries it ranks having more than 30 percent of its population aged between 20 and 39 years old.
The UAE still dominates the regional online market, it said, with and sales in the UAE will reach $9.7 billion in 2017, rising to $23.3 billion by 2021.
Saudi online retail market heats up with Noon.com launch
Saudi online retail market heats up with Noon.com launch
Citrus festival shows agricultural diversity, economic potential in Najran
- The festival is a vibrant platform for displaying Najran’s agricultural potential
RIYADH: The 14th Najran National Citrus Festival highlights the region’s agricultural investment and marketing diversity, which offers economic returns for farmers and investors alike, the Saudi Press Agency reported.
The festival at King Abdulaziz Park walkway in Najran is organized by the Ministry of Environment, Water and Agriculture in the region.
Participants including farmers, agricultural experts and investors showed innovative solutions and highlighted the region’s robust citrus production.
Hamad Al-Dakman, the director of the agricultural prevention and guidance department at the National Center for Sustainable Agriculture Research and Development, Estidamah, in an interview with SPA emphasized the center’s role in promoting sustainable agricultural practices.
By selecting optimal plant seeds and trees, the center aims to enhance citrus production efficiency while advancing water and energy conservation technologies, Al-Dakman said.
He noted the importance of knowledge transfer and partnerships in supporting the agricultural sector, aligning with the Kingdom’s food-security goals.
Similarly, Najran Association Green’s chairman, Raf’an Al-Amer underscored the association’s efforts to expand vegetation cover, having planted more than 60,000 trees in the past four years.
Plans are underway to plant an additional 500,000 trees by 2027 in collaboration with government and private entities, contributing to the Kingdom’s Green Vision, Al-Amer said.
Farmers and investors were enthusiastic about the festival.
Farmer Ibrahim Saleh Al-Sinan praised the event for addressing farmers’ needs, marketing their products, and allowing visitors to sample and purchase citrus fruits directly.
Agricultural investor Abdullah Fahd Al-Waili highlighted the region’s favorable conditions for citrus farming, including fertile soil, a suitable climate and water availability.
Al-Waili, whose farm in Khbash covers 4 million sq. meters with more than 50,000 citrus trees, noted the economic viability of agricultural investment in the region.
The festival is a vibrant platform for displaying Najran’s agricultural potential, supporting farmers, and driving sustainable agricultural development.
Saudi fund commits $80m for cancer care expansion in Turkmenistan
- The agreement reflects the Saudi fund’s commitment to supporting developing countries overcome obstacles to progress
RIYADH: CEO of the Saudi Fund for Development Sultan Al-Marshad signed an $80 million development loan agreement with Rahimberdi Jepbarov, chairman of the Turkmenistan State Bank for Foreign Economic Affairs.
The financing supports a project to improve tumor treatment services and establish cancer treatment centers in Turkmenistan, the Saudi Press Agency reported.
Saudi Ambassador to Turkmenistan Said Osman Suwaid attended the event.
The project will enhance healthcare by building and equipping three specialized cancer treatment centers with up to 500 medical beds in different regions.
The centers will feature advanced medical equipment to improve healthcare quality, SPA added.
The agreement reflects the Saudi fund’s commitment to supporting developing countries overcome obstacles to progress.
It underscores the importance of international cooperation in achieving sustainable development and ensuring lasting prosperity, SPA reported.
During his visit to Turkmenistan, Al-Marshad also met with Deputy Chairman of the Cabinet of Ministers and Foreign Minister Rashid Meredov to discuss strengthening development cooperation in various sectors.
Meanwhile, the Saudi fund’s Deputy CEO Faisal Al-Qahtani participated in the inauguration of the Busaiteen Bridge, part of the Bahrain Northern Road Project.
The $250 million project, funded through a grant from the Saudi government, aims to ease traffic congestion and boost investment and economic opportunities in Bahrain.
Bahrain’s Deputy Prime Minister Sheikh Khalid bin Abdullah Al-Khalifa attended the event.
The project is a vital part of Bahrain’s transportation infrastructure, with the Saudi fund collaborating closely with the Ministry of Works for its successful completion.
The Saudi fund’s partnership with Bahrain spans 48 years, during which it has financed 30 projects in sectors like energy, transportation, and social infrastructure. These initiatives have contributed to Bahrain’s sustainable development and economic growth.
Saudi authority expands effort to track food waste
RIYADH: The General Food Security Authority has launched a second field survey to measure food loss and waste rates in Saudi Arabia.
The initiative is part of the National Program to Reduce Food Loss and Waste and aligns with efforts to promote food sustainability and support Vision 2030 objectives, the Saudi Press Agency reported.
The authority’s governor, Ahmed Al-Faris, said that the second survey builds on the 2019 study, which established a baseline for the Food Loss and Waste Index.
The effort follows successful awareness campaigns in collaboration with key stakeholders that engaged public participation, the SPA added.
The new survey aims to analyze food loss and waste at all stages of the food supply chain, including production, importation, transportation, storage, distribution and consumption.
The authority will use the findings to develop solutions to improve food security, reduce environmental and economic impacts, and align the Kingdom’s practices with global sustainability standards.
This initiative is expected to provide more precise, updated data to create targeted strategies for reducing food loss and waste.
New deal will protect Saudi Arabia’s national heritage
RIYADH: Saudi Arabia’s Public Prosecution and the Heritage Commission have signed a memorandum of understanding to strengthen their collaborative efforts when it comes to protecting and preserving the Kingdom’s identity.
The MoU includes exchanging information on protecting national heritage and combating violations of archaeological sites, reported the Saudi Press Agency on Wednesday.
The deal was signed by Turki Al-Dosari, assistant public prosecutor for investigation, and Jasser Al-Harbash, commission CEO, in the presence of officials and experts in the heritage sector and cultural property protection.
It also involves organizing awareness programs to educate the community about the importance of heritage preservation and the penalties for related offenses.
The partnership marks a strategic step toward establishing a comprehensive framework for protecting heritage sites. It seeks to enhance the Kingdom’s global status as a cultural heritage destination and reinforce its leadership in preserving national identity and history.
Endangered species find new home at Saudi reserve
- The authority’s programs focus on increasing community awareness, supporting biodiversity protection, and fostering a sustainable environment for wildlife reproduction and conservation
RIYADH: The Imam Turki bin Abdullah Royal Nature Reserve Development Authority, in partnership with the National Center for Wildlife, has reintroduced endangered species by releasing 30 Arabian oryx, 10 Arabian gazelles, 50 sand gazelles, and five red-necked ostriches into their natural habitats.
The initiative aims to promote environmental sustainability, restore ecological balance within the reserve, enhance the role of these species in their ecosystems, and raise awareness about protecting endangered wildlife.
The authority’s programs focus on increasing community awareness, supporting biodiversity protection, and fostering a sustainable environment for wildlife reproduction and conservation, the Saudi Press Agency reported.
Spanning 91,500 sq. km, the Imam Turki reserve is the Kingdom’s second-largest royal reserve. It hosts diverse wildlife and plant species, making it ideal for hiking, wilderness adventures, camping, and sustainable hunting.
Its vegetation cover provides a haven for various bird species, crucial for maintaining ecosystem balance by controlling insects, small rodents, and carrion.
