In a strategic push to cement its regional dominance, UAE-based e-commerce giant Noon is weighing a dual IPO on both the Saudi Exchange (Tadawul) and the Abu Dhabi Securities Exchange within the next two years, according to the Financial Times.
Mohamed Alabbar, Founder and Chairman of Noon, revealed that the company is on the verge of profitability after years of bold infrastructure investments and rapid expansion, noting that “a public listing within 24 months is a logical step at this stage.”
Currently, Noon operates across key markets including Saudi Arabia, the UAE, and Egypt, offering a wide portfolio of products from electronics to everyday essentials. Since its inception in 2016, Noon has secured nearly $2.7 billion from strategic backers, including the Saudi Public Investment Fund (PIF), and now carries an estimated valuation of $10 billion.
Looking forward, Noon plans to pioneer autonomous delivery services through robots and self-driving vehicles, with the bold goal of cutting its 40,000-strong delivery workforce by 50% by 2027—a move expected to slash costs and supercharge efficiency.
The company is also eyeing new partnerships and acquisitions to break into high-potential markets such as India, while prioritizing profitability before going public—mirroring the long-term playbook of global titans like Amazon.
According to Redseer Strategy Consultants, Noon’s sales in the past year reached $5–6 billion, underscoring its impressive momentum and growing power in the global e-commerce arena.
