DUBAI: Noon, an online platform backed by Saudi Arabia’s Public Investment Fund (PIF) and Dubai businessman Mohamed Alabbar, said it had signed a partnership with Manchester City, the English football club owned by Abu Dhabi.
It will see Noon become the official online sales partner for Manchester City in the Middle East.
Stephan Cieplik, a senior vice president at the club said: “The team has impressed us with their ambition, innovation, and passion for the local communities and businesses they serve in the Middle East.”
Noon was launched in the UAE and Saudi Arabia in December 2017 and in Egypt in February 2019. With an initial investment of $1 billion and working from headquarters in Riyadh, Noon said in 2016 that it aims to expand online sales in the region from 2 percent of the total retail market ($3 billion), to 15 percent ($70 billion) within a decade.
Manchester City is an English Premier League club initially founded in 1880. The club was bought by Abu Dhabi United Group (ABUG) in 2008 for a reported £210 million ($287 million) and is now owned by the City Football Group, which is majority owned by ABUG.
PIF’s Noon signs partnerships with Abu Dhabi’s Man City FC
https://arab.news/46gra
PIF’s Noon signs partnerships with Abu Dhabi’s Man City FC
- It will see Noon become the official online sales partner for Manchester City in the Middle East
Closing Bell: Saudi main index closes in red at 10,709
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 138.89 points, or 1.28 percent, to close at 10,709.04.
The total trading turnover of the benchmark index was SR6.59 billion ($1.75 billion), as 102 of the listed stocks advanced, while 154 retreated.
The MSCI Tadawul Index decreased, down 22.40 points or 1.52 percent, to close at 1,450.58.
The Kingdom’s parallel market Nomu lost 123.85 points, or 0.54 percent, to close at 22,792.98. This came as 30 of the listed stocks advanced, while 40 retreated.
The best-performing stock was Al-Rajhi Co. for Cooperative Insurance with its share price surging by 9.96 percent to SR74.50.
Other top performers included Jazan Development and Investment Co., which saw its share price rise by 9.89 percent to SR8.33, and Gulf Insurance Group, which saw a 7.48 percent increase to SR23.
On the downside, City Cement Co. and Al Gassim Investment Holding Co. saw declines, with their shares dropping by 5.51 percent and 4.22 percent to SR11.50 and SR13.15, respectively.
On the announcement front, Almoosa Health Co. has signed a construction contract with Almajal Alarabi Group valued at SR608.85 million to complete the electrical, mechanical, and architectural finishing works for the new Almoosa Specialized Hospital in AlHofuf City.
The agreement, finalized on Feb. 26, covers all complementary internal and external works based on approved engineering designs to ensure the facility is fully operationally ready upon completion.
According to a Tadawul statement, work on the project will commence immediately, with an expected completion timeline of 16 months.
Almoosa Health intends to finance the development through a combination of its own resources and long-term Shariah-compliant facilities secured from local banks, with the financial impact anticipated to begin following the hospital’s completion and commissioning.
Almoosa’s share price surged by 4.24 percent to reach SR147.50.
