Regional e-commerce market size hits $22 bln in 2020, says Noon

Ahmed Gadouri, General Manager, Noon Saudi Arabia

The e-commerce market size regionally reached nearly $22 billion by the end of 2020, Al Sharq TV channel reported, citing Ahmed Gadouri, General Manager – Saudi Arabia, Noon.

He stated that 80% of the region's e-commerce market demand comes from Saudi Arabia, the UAE and Egypt.

Increasing demand for e-commerce and how companies can meet this demand is among the most important challenges, Gadouri said.

Noon is constantly focusing on interacting with its customers by diversifying services into food delivery, currently available in Riyadh and Jeddah.

In late 2016, the Public Investment Fund (PIF) teamed up with a group of investors to launch Noon.com, with $1 billion in seed capital. PIF owns a 50% stake in the e-commerce platform, which came live in December 2017, Argaam earlier reported.

Noon.com offers 20 million products in fashion, electronics, books, home and garden supplies, sports, picnics, healthcare, beauty, and others segments.