Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Amazon will acquire the Middle East's largest online retailer Souq.com/AFP

Enterprise

Amazon to buy largest Mideast e-retailer Souq.com

Amazon will acquire the Middle East’s largest online retailer Souq.com/AFP

DUBAI, United Arab Emirates, Mar 28 – Amazon will acquire the Middle East’s largest online retailer Souq.com, the two companies said in a statement on Tuesday without disclosing the value of the deal.

The announcement comes a day after Dubai-based Emaar Malls confirmed offering $800 million to acquire Souq.com.

Amazon had walked away from talks with Souq.com earlier this year, but it reportedly came back with an offer of $650 million.

The deal is expected to be finalised this year “subject to closing conditions,” the statement said.

“We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region,” said Souq.com chief executive officer and co-founder Ronaldo Mouchawar.

“By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers,” he said in the statement.

Amazon and Souq.com “share the same DNA,” Amazon’s senior vice president for international consumer Russ Grandinetti said in the statement.

“We’re both driven by customers, invention, and long-term thinking,” he said.

“We’re looking forward to both learning from and supporting them (Souq.com) with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the Middle East,” he added.

Founded in 2005, the e-commerce site emerged as the highest-valued internet company in the region last year after a funding round raised more than $275 million.

Advertisement. Scroll to continue reading.

Souq.com attracts over 45 million visits per month.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...