Dubai-based business-tycoon Mohamed Alabbar expects strong growth in the Middle East’s online retail sector, but sees “severe” competition for his e-commerce start up Noon.com. Online shopping currently accounts for between 1.5% to 2% of sales in the Middle East and could “get into the 10-15% quite fast because of the demographics of the region,” Alabbar said in a Bloomberg Television interview. Severe competition in the industry over the past two months has led to a 10% to 20% reduction in prices and customers are winning according to Alabbar. He also said that as a local company competing with global giants, his retail partners should be prepared to accept slightly lower margins.