Mohamed Alabbar, a Dubai property developer and owner of 4% of YNAP’s capital, has gathered around himself a consortium of 60 entrepreneurs, alongside with the Saudi sovereign fund Public Investment Fund, arriving to allocate a billion dollars (50% business consortium, 50% of the Saudi fund) to develop a huge portal of e-commerce from Arabia that aims to conquer the world. The schedule for the launch of the portal is very tight: it will be online in January 2017 with a catalog of at least 20 million items, and will rely on a logistics consisting of two local distribution centers (Riyadh and Jeddah) and a giant warehouse, described as “equivalent, by extension, to 60 soccer fields”. The investors have already predicted that the e-commerce will have such a success that they will enter the stock exchange within seven years.
A billion dollars investment for a luxury e-commerce: UAE to launch a rival to YNAP & company
