noon has secured US$500 million in new funding from investors including Saudi Arabia’s sovereign wealth fund, people familiar with the matter have said.

The capital comes as the company advances preparation for a potential initial public offering.

Semafor reports that the Public Investment Fund (PIF) backed the fresh funding round, with noon’s founder, Dubai‑based Mohammed Alabbar, who also chairs Emaar Properties, participating.

In 2016, noon launched with the PIF holding a 50% stake and Alabbar‑led regional investors owning the remainder.

It operates an online marketplace, grocery delivery and food delivery services in Saudi Arabia, the UAE and Egypt.

The company’s most recent valuation was near US$10 billion and it has previously raised about US$2.7 billion, according to a statement by Alabbar earlier this year.

The firm has indicated plans to pursue a public listing within the next two years.

The funding round comes amid intensifying competition in the Gulf region’s digital commerce sector.

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