Ecommerce

Noon to go public in four to five years: Alabbar

Dubai-based ecommerce platform Noon plans to go public within four years, company’s chairman Mohamed Alabbar has told Arabian Business in an interview, adding that it will “float on stock market a global cross-listing.”

Explaining that listing is  a ‘definite’ goal they’re working towards, the Dubai-based real-estate tycoon, said, “This is an Arab company and the customers should enjoy the benefits, they should also have the chance to become shareholders. Listing the company is the least we can do. There is also the fact that being a public company actually puts a lot more pressure on management. And you know what? I like that.”

This is an Arab company and the customers should enjoy the benefits, they should also have the chance to become shareholders. Listing the company is the least we can do.Click To Tweet

Alabbar also said that they are looking for acquisitions or partnerships that would help them drive their growth, without specifying any details.

Less than two months ago, the Noon founder in another interview had labelled global companies like Amazon a threat to the local market, saying, that the government should create laws to protect national economy from such companies including 51% ownership of local companies or individuals in all the ecommerce, logistics and payments companies in the country.

The remarks had received criticism from many in the ecosystem on Twitter including Zawya’s former Chairman Sabah Al-Binali.

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