- Noon, the Middle East's own Amazon, has decided to do some spring cleaning and bid adieu to about 10% of its staff. Founder Mohamed Alabbar confirmed that the Dubai-based e-commerce giant let go of employees from various departments, including marketing and advertising, in order to streamline operations and cut down on costs.
- In 2021, Alabbar announced that Noon was planning to enhance its infrastructure and hasten deliveries with an injection of $2 billion from investors, including Saudi's PIF. However, he stated this week that the company's financial situation has improved significantly, resulting in reduced cash burn rate and increased profit margins. As a result, the $2 billion injection may not be necessary.
Why it matters
Some companies, such as Noon and Kitopi, are considered by bankers as long-term prospects for potential IPOs, amid robust initial public offerings. However, Alabbar, the founder of Emaar Properties PJSC, that constructed the world’s tallest skyscraper, clarified that there are no immediate plans to offer shares in Noon.