Amazon buys Souq in big play for Middle East market
Amazon
Dubai - Arab Today
Amazon has had its eye on the Middle East for some time. Now it's finally made a move.
It has agreed to buy the region's biggest e-commerce platform, Souq.com.
"Joining the Amazon family will enable souq.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide," Souq said in a statement.
The statement did not disclose the size of the deal. CB Insights valued Souq at more than a billion dollars, after it raised $275 million from investors last year. Souq does not disclose financial information.
Amazon (AMZN, Tech30) had to beat off local competition for the online marketplace.
Emaar Malls, an arm of Dubai's biggest real estate developer, said on Monday it bid $800 million for Souq.com.
Founded 10 years ago by Ronaldo Mouchawar, Samih Toukan and Hussam Khoury, Souq has become the biggest player in the market. Mouchawar estimates online shopping in the Middle East was worth $20 billion in 2016.--CNN
Source :NNA
GMT 05:35 2017 Sunday ,24 December
Home security startup Blink says bought by AmazonGMT 14:39 2017 Friday ,27 October
Amazon profits steady after digesting Whole FoodsGMT 15:12 2017 Tuesday ,24 October
Hundreds of cities bid to become home to second Amazon HQGMT 05:26 2017 Thursday ,05 October
EU orders Amazon to pay Luxembourg tax billGMT 19:39 2017 Saturday ,23 September
Not home? Walmart wants to walk in and stock your fridge
Economic conference on investment opportunities in Syria kicks off
Bucharest - SANA
With the participation of 120 representatives of Romanian companies, Chambers of Commerce and industry, An economic conference on “Reconstruction in Syria between the development of economic steadfastness and the opportunities ofRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launched from the Baikonur CosmodromeLiverpool, Manchester City seek neighbours' help in title chase
London - DPA
Liverpool and Manchester City will be looking for a little help from their not-so-friendly neighbours this weekend. The Premier League front-runners face each other's local rivals when City host Everton and Liverpool take on Manchester United. Liverpool jumped above City at theBlue light in smartphones linked to blindness and some cancers
Spain - DPA
Ever since we have started to become chained to our smartphones and tablets, people have been saying that the waves coming off these devices must be bad for us. So often laughed off as conspiracy theorists, it now looks more and moreFestive Fashion by Dubai-based designer ASMARAÏA
Dubai - Arab Today
Dubai-based label ASMARAÏA just launched its pre-fall 2019 collection — and it’s all about cruelty-free, sustainable fashion with a festive edge. Checkmate The 15-piece collection features this checkered skirt-and-jacket ensemble that is giving us major “Clueless” vibes. Gold Rush ‘Tis the season to sparkle and this dazzling, floor-length gold skirt will do the trick. Take note of the chic black bow detail at the waist — it’s the ultimate party look. Feathered fashion The brand works with environmentally-friendly materials such as organic cotton, recycled polyester and faux fur, so you can be sure this feathered look doesn’t come at the cost of an animal’s life. Jewel Tones If you want to glisten like a polished jewel at your next festive function, this emerald-colored skirt is the perfect choice with its sequin details and shimmery overlay. Golden Girl Leopard print
GMT 11:25 2018 Friday ,14 December
Turkey will enter Syria’s Manbij if US doesn’t remove YPG fighters
GMT 06:14 2017 Wednesday ,23 August
HM King thanked by Saudi king
GMT 20:52 2017 Thursday ,30 March
Donia Abdel Aziz creates new account on "Instagram"
GMT 09:51 2017 Sunday ,26 November
Europe embraces Black Friday sales with some reservations
GMT 06:43 2015 Tuesday ,08 December
Iran swine flu outbreak kills 33 in 3 weeks
GMT 10:37 2017 Tuesday ,21 March
UK banks 'handled' $740 mn in laundered Russian money
GMT 14:15 2017 Saturday ,09 December
Israel strike kills 2 Palestinians
GMT 12:22 2017 Thursday ,02 February
European stocks diverge on Fed, earnings
GMT 13:59 2017 Thursday ,23 November
Heidy underlines works like “Seventh Neighbor”
GMT 21:59 2016 Thursday ,06 October
350 German tourists arrive at Luxor
GMT 18:34 2017 Friday ,02 June
UNICEF calls for immediate actions to stop spread of cholera in Yemen
GMT 13:46 2017 Thursday ,19 October
Samsung's revamped Bixby takes on Amazon Alexa
GMT 03:25 2017 Friday ,08 September
Japan says to impose additional sanctions against North Korea
GMT 18:47 2017 Friday ,25 August
Jakarta remains flood alert until March
GMT 00:10 2017 Tuesday ,15 August
Safi’s New Port Will Have Positive Impact on Marrakech-Safi Region: Ministry
GMT 03:19 2017 Saturday ,18 November
Apple pushes back release of HomePod speaker to 2018
GMT 13:31 2018 Monday ,26 November
Army carries out precise operations against terrorists in Hama countryside
GMT 14:32 2018 Thursday ,22 November
Lavrov slams US politicians’ narrative against extending New START Treaty as dangerous
GMT 13:02 2018 Tuesday ,30 October
Bodies of two Saudi sisters washed up near New York's Hudson River
GMT 12:25 2018 Wednesday ,17 October
Khashoggi family denies issuing statement
GMT 18:24 2018 Wednesday ,05 September
BACA president meets Diyar Al-Muharraq CEO
GMT 01:30 2017 Friday ,24 February
No government in sight as Spain’s king wraps up 2nd round of talks
GMT 01:16 2018 Tuesday ,23 January
Electricity minister meets UAE climate change minister
GMT 09:54 2016 Saturday ,27 August
Apple issues update after cyber weapon captured
GMT 02:04 2018 Wednesday ,10 January
Macron meets with Xi as China, France seal business deals
GMT 09:29 2015 Thursday ,26 March
Yemen shuts major sea ports due to conflict
GMT 07:20 2017 Sunday ,24 December
Pope Francis is Time person of the year
GMT 04:16 2017 Tuesday ,02 May
Global gold prices fall
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor