ALABBAR, AMAZON ASSISTS UAE’S E-COMMERCE GET A GRIP
The billionaire chairman of Emaar Properties, Mohamed Alabbar, is a man who has been acquiring some initial experience in retail, has become the reason behind all of these investments, thanks to his new motto, “you’re digital or you die”. Mohamed Alabbar announced the launch of Yoox Net-a-Portrer (YNAP) on Monday, for those wondering, YNAP is basically a luxury e-commerce platform for the Middle East, the launch was the result of a deal closed on WhatsApp.
It also became known that Saudi Arabia’s Public Investment Fund was looking into buying a stake in Adeptio, the famous investment group that is being led by Mohamed Alabbar, the investment group made an impressive US$2.4 billion deal back in June in order to get the control of Kuwait Food Co, that is also known as Americana. The Middle Eastern fast food franchises of KFC and Pizza Hut are owned by this company, and it is also known for producing some of the branded consumer foods.