Noon, the e-commerce platform co-founded by Mohamed Alabbar and Saudi Arabia’s Public Investment Fund (PIF), is planning to launch operations in Syria. The move marks a significant expansion for the regional digital marketplace and aligns with Alabbar’s broader investment ambitions in the recovering Syrian economy.
Quick Facts
- Noon plans to launch operations in Syria.
- The move follows Alabbar’s $18 billion investment pledge.
- Expansion comes after the lifting of major international sanctions.
A Bet on Syrian Talent
The announcement was made by Mohamed Alabbar in a video posted on the social media platform X, where he emphasized the strength of the local workforce.
“The beautiful thing about Noon Syria is that it has proven that the human talent in Syria is truly something special. And you are the proof,” Alabbar stated in the video. He added that Syria has demonstrated “that the best technology in the world can still emerge from hardships.”
Alabbar expressed hope that Noon’s entry would encourage other companies to establish a presence in the country, contributing to its economic sustainability and professional development.
Part of a Broader $18 Billion Vision
Noon’s Syrian launch is part of a much larger investment strategy spearheaded by the Emaar founder. Alabbar has recently pledged to invest up to $18 billion in Syria across various sectors as the nation seeks to rebuild its economy.
These plans include assessing projects worth between $5 billion and $7 billion on the Syrian coast and up to $11 billion in and around Damascus. Speaking to Sky News Arabia, Alabbar mentioned that construction on some projects, in collaboration with Syrian investors, could begin within six months.
Beyond e-commerce, Alabbar sees major opportunities in Syria’s real estate and tourism sectors, noting that key cities have not seen significant real estate expansion for years.
Reopening for Business
This wave of investment follows major geopolitical shifts that have made Syria more accessible to foreign capital. The US removed its Syria sanctions program and Congress repealed the Caesar Act in December, while the EU lifted its economic sanctions in May of last year.
The strategic moves from Alabbar and Noon were highlighted during the first UAE-Syria bilateral business forum held in Damascus, where a large Emirati delegation was present. The forum underscores a growing interest from Gulf investors to secure early opportunities in the war-battered economy.
About Noon
Founded in 2017 by Mohamed Alabbar and Saudi Arabia’s Public Investment Fund, Noon is a digital ecosystem of products and services. The e-commerce platform currently operates in the UAE, Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and Egypt, offering a wide range of products from electronics to fashion and groceries.
Source: The National
