Saudi Arabia’s Public Investment Fund (PIF) this week teamed up with Dubai businessman Muhammad Alabbar, CEO of Emaar Properties, to launch an e-commerce platform noon.com. 

PIF will invest $500mn to take 50% of the JV. Under the kingdom’s National Transformation Program and Saudi Vision 2030, which aim to diversify the economy away from oil and gas revenue, PIF, the kingdom’s largest sovereign wealth fund is slated to play a leading role in revenue-generating...