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 08:05 2017 Friday ,12 May
Displaced Rohingyas at risk of re-victimisation: UNHCR
GMT 10:10 2017 Thursday ,09 February
3 Important Elements You Have to Consider
GMT 04:03 2017 Monday ,24 April
Bella Hadid ‘dying’ to visit Palestine
GMT 19:25 2016 Wednesday ,25 May
The Brooklyn Desk by Oeuf NYC
GMT 04:47 2018 Tuesday ,25 September
Russian defense ministry presents data as evidence of Israeli involvement in Il-20 crash
GMT 12:04 2018 Wednesday ,05 September
Kremlin: watchdog’s claims against Google do not mean crisis
GMT 00:57 2018 Wednesday ,24 January
7 days to go for Dubai Eye 103.8 UAE Road Cycling Championship
GMT 07:49 2018 Friday ,05 January
2 Russian servicemen killed
GMT 07:58 2018 Monday ,01 January
Italy orders N. Korea's envoy to leave
GMT 08:45 2017 Wednesday ,20 December
US military imagines war without GPS
GMT 01:19 2017 Wednesday ,20 December
Hero supermarket employee gets French citizenship for saving lives
GMT 17:26 2017 Sunday ,17 December
Putin thanks Trump for help in foiling attack plot
GMT 15:36 2017 Tuesday ,11 July
Saad Lamjarred: his lawyer prevented him from talking to media
GMT 22:19 2017 Monday ,16 October
Cairo-hosted Fatwa conf. new contribution
GMT 02:27 2016 Friday ,10 June
Video hints Japan abetting illegal ivory trade
GMT 15:46 2017 Saturday ,07 January
Tilikum, orca that killed trainer, dies at SeaWorld Orlando
GMT 07:04 2017 Wednesday ,19 April
1,883 Bahrainis found jobs in March
GMT 14:24 2016 Tuesday ,22 November
Citi and JPMorgan top list of ‘globally banks’
GMT 21:43 2017 Friday ,01 September
People question Nazaruddin`s repatriation expenses
GMT 09:41 2017 Wednesday ,19 April
OIC concerned over violence in Mali
GMT 01:30 2017 Friday ,27 October
May22/Jun21
GMT 05:38 2016 Friday ,30 December
Dubai Airports divert 13 flights due to heavy fog
GMT 23:42 2017 Friday ,13 January
Lebanon’s honey industry: What’s all the buzz about?
GMT 11:38 2017 Saturday ,14 January
Mexico names new ambassador to US
GMT 12:03 2017 Wednesday ,22 March
Kuwait to mark World Water Day
GMT 15:00 2017 Wednesday ,27 September
HM King receives invitation from Egyptian President
GMT 02:45 2017 Tuesday ,05 December
President Bashir arrives in Chad
GMT 02:45 2017 Wednesday ,16 August
Turkmen President Visits Pakistan
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor