United Electronics Co. (eXtra) said on Thursday that it has launched a commercial partnership with Noon.com, making it the platform’s exclusive supplier of electronics and home appliances in Saudi Arabia.
The partnership will kick off when Noon.com launches in Saudi Arabia, the Saudi-listed company said in a bourse statement.
Financial impact of the deal will be reflected starting from Q1 2018.
Noon.com is a $1 billion investment 50 percent-owned by the Saudi sovereign wealth fund, Public Investment Fund. The other half is owned by Mohamed Alabbar, chairman of Dubai-based Emaar Properties, as well as other regional private investors.
The digital marketplace, which also has a downloadable app, will be selling electronics, fashion items, beauty, home & kitchen products, as well as baby products.
The website launched in the United Arab Emirates last month, following several months of delays. It is expected to go live in Saudi Arabia soon.
Kuwait-based M. H. Alshaya Co. in September acquired a strategic stake in the platform. The value or size of the stake was not disclosed.
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