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Dubai-Based Noon Has Eliminated 10% Of Its Workforce
Employees in the marketing and advertising departments were laid off.
After an initial surge during the height of the pandemic, many tech companies are now announcing cutbacks as the global economy continues to slump. Despite a generally buoyant digital economy, many Middle Eastern companies are also beginning to feel the strain as profits decline. One of those companies, Noon, recently issued a statement announcing layoffs of around 10%.
According to founder Mohamed Alabbar, Noon recently reduced its workforce to minimize costs, noting that the marketing and advertising departments of the Middle Eastern rival to Amazon were targeted for cuts.
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“We’ve been cutting costs and reducing staff for the past year and a half,” said Alabbar.
In 2021, Noon hoped to raise $2 billion from investors to aid further expansion across the Gulf e-commerce market. In February, the company acquired fashion e-retailer Namshi in a bid to expand its digital products and services with new fashion and lifestyle brands.