Amazon will buy Souq.com—The largest Mideast e-retailer
Amazon will surely purchase the online Middle East largest retailer Souq.com. Both of the companies made a deal on Tuesday without disclosing the value of the deal. The announcement comes on a day when Dubai-based Emaar Malls confirmed to acquire $800 million at Souq.com.
At the start of the year, Amazon walks away from the talks and came back with an offer of $650 million. The deal will finalize this year and subjects with the closing conditions.
The Chief executive officer and co-founder of Souq.com Ronaldo Mouchawar said that “the principals of Amazon have guided us and the acquisition is a critical step which will help in growing the e-commerce especially on behalf of customers all over the region.”
If Souq.com becomes the part of Amazon family, then this will expand the delivery capabilities as well as the customers will be able to select fast. This will allow the customers to keep track if the empowered sellers as well.
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Russ Grandinetti who is the Amazon Senior Vice President of International Consumer said that Souq.com and Amazon share same DNA. Invention, customers, and long-term thinking drive us both. Both of the companies are looking forward to support and learn to deal with the latest Amazon Technology to reach the global resources. Together, our teams will ensure to work hard and offer the best services for hundreds of customers in the Middle East.
Founded in 2005, the e-commerce site will emerge as the highest valued internet company since last year after funding $275 million.
However, Souq.com attracts more than 45 million visitors every month.