Mohamed Alabbar stated that Noon experiences an annual growth rate of 30% to 40%.
Emaar Properties’ founder, Mohamed Alabbar, has announced that the tower under construction at Dubai Creek Harbour will have a more refined and smaller design than initially planned. At the Sharjah Entrepreneurship Festival, he also mentioned that although there are no immediate plans to publicly list ecommerce giant Noon, it is anticipated to occur in the coming years. In August, Alabbar declared the redesign of the cable-tied tower, originally intended to surpass Burj Khalifa’s height by 100 meters, with construction already underway based on the approved new design. Alabbar characterized the tower as an elegant centerpiece for the six-square-kilometer project, emphasizing its role as a revenue generator through apartments with stunning views. He likened the relationship between Burj Khalifa and Creek Tower to a symbolic male and female pairing.
While the Dubai Creek Harbour site is double the size of Downtown Dubai, it won’t feature a shopping center on the scale of Dubai Mall.
“We are in the process of constructing a new mall [at Dubai Creek Harbour] … but we’re aiming for a new generation,” he stated.
“We’re not aiming to be the largest globally, but certainly, we’re crafting one of the most captivating avenues. I envision it being the first mall where cars can enter, offering a truly unique experience – exclusively electric vehicles.”
Noon evolving
The Saturday discussion, titled ‘Towering Success: What it Takes to Build a Business Empire,’ comprehensively addressed all facets of Mr. Alabbar’s business ventures. In 2017, he initiated the $1 billion e-commerce platform Noon with support from Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. Establishing Noon was described by Alabbar as “one of the most difficult challenges” of his life, starting at the age of 60 and navigating technological nuances. Despite evolving from e-commerce into a super app encompassing grocery shopping, food delivery, and peer-to-peer payments, Alabbar emphasized Noon’s remarkable journey, growing 30 to 40 percent annually. While ruling out an immediate IPO, he acknowledged its consideration, expecting a decision from the board in the coming years.
