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 09:27 2017 Monday ,13 February
Wahat Al Karama opens doors to public
GMT 03:50 2017 Sunday ,23 April
Drought-hit Somalia moves closer to famine, says aid group
GMT 03:42 2017 Sunday ,07 May
Kanye West exits social media
GMT 10:22 2017 Tuesday ,31 October
China agency denies dead model
GMT 14:57 2017 Monday ,30 October
NATO chief calls N. Korea 'global threat'
GMT 12:53 2018 Friday ,07 December
Turkey targets ex-airforce staff over alleged coup links
GMT 15:30 2018 Sunday ,07 October
British editor in Dubai to serve 15 years for killing wife
GMT 04:22 2018 Thursday ,20 September
German Pavilion to engage, inspire at Expo 2020
GMT 21:51 2016 Tuesday ,06 September
Darfur celebrates end of transitional authority
GMT 10:43 2014 Saturday ,31 May
Wonderful boys bedrooms interior design
GMT 09:48 2016 Monday ,05 December
Trump picks Twitter fight with China accusing the Asian giant
GMT 07:45 2016 Monday ,22 August
Anti-Israel military parade staged in S Gaza strip
GMT 17:58 2017 Monday ,20 February
Iraqi Army resumes operations to retake Mosul from Daesh
GMT 06:09 2017 Sunday ,27 August
Minister lauds Saudi Arabia’s Naif Arab University for efforts against terror
GMT 02:35 2017 Wednesday ,28 June
European Parliament calls for release of HK booksellers detained in China
GMT 16:48 2017 Monday ,11 September
Arab actors managed to overcome challenge of addiction
GMT 05:29 2017 Wednesday ,06 December
Erdogan threatens to cut ties with Israel over Jerusalem controversy
GMT 10:59 2016 Tuesday ,01 November
China aircraft market to hit nearly $1tn in 20 years
GMT 17:09 2017 Friday ,04 August
President Putin to consider running for new term
GMT 19:11 2017 Tuesday ,26 September
UAE to open its first nuclear reactor in 2018
GMT 14:47 2017 Monday ,16 January
Southeast Asia’s first heart transplant patient dies at 76
GMT 01:13 2016 Monday ,28 November
Financial markets to close on Thursday December 1
GMT 01:41 2017 Wednesday ,12 July
Fighting erupts in Tripoli, 3 killed: NTC
GMT 10:42 2017 Thursday ,31 August
Push on with development process stressed
GMT 00:00 2017 Monday ,13 November
DEWA honours winners of Shams Dubai Solar Rollers competition
GMT 23:38 2017 Tuesday ,07 March
UAE prepares to celebrate International Women’s Day
GMT 20:24 2017 Thursday ,09 February
Salary scale a social and economic necessity
GMT 02:04 2016 Tuesday ,21 June
Russian football fan agitator held
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