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 18:06 2017 Saturday ,29 April
North Korea failed missile test disrespected China”, Trump tweets
GMT 18:38 2017 Sunday ,10 December
Russia honours UAE Ambassador for his diplomatic efforts
GMT 08:23 2017 Monday ,03 April
Tesla tops quarterly sales forecast
GMT 20:11 2017 Saturday ,25 March
Former head of Egypt’s syndicate submits appeal
GMT 05:28 2017 Sunday ,26 November
Gas exporters call for 'fair price'
GMT 10:51 2018 Tuesday ,11 December
Cloudy weather with rain showers forecast Tuesday
GMT 03:15 2017 Sunday ,10 December
Trump’s decision on Jerusalem came after consent of Arab states
GMT 20:00 2017 Monday ,25 September
Tourism minister leaves for France to attend Top Resa
GMT 22:07 2017 Tuesday ,02 May
UAE soldier martyred in Yemen
GMT 00:25 2017 Sunday ,10 September
Philippines Sees the Bloodiest
GMT 20:21 2017 Wednesday ,08 November
Ambassador Aizaz Chaudhry met members of Congress in US
GMT 21:08 2017 Saturday ,24 June
Russian military signs ceasefire deal with Syrian Latakia province
GMT 16:25 2017 Sunday ,26 March
6 militants, 6 soldiers killed in Chechnya firefight
GMT 09:31 2017 Monday ,16 October
Dalal Abdel Aziz happy for “Seventh Neighbor”
GMT 19:22 2017 Wednesday ,26 April
Yemen is the most dangerous area to practice journalism
GMT 12:35 2017 Thursday ,11 May
Dolly Ayash announces the return of “Washwasha Chat”
GMT 10:40 2017 Thursday ,13 April
Opposition forces advance in Daraa and extracting process began
GMT 09:36 2018 Wednesday ,28 November
Fair conditions forecast Wednesday, unstable conditions Thursday
GMT 18:05 2018 Saturday ,08 September
PM decides to induct another four members in federal cabinet
GMT 19:33 2017 Friday ,28 April
Albanian political deadlock deepens with new presidential elections
GMT 08:17 2018 Wednesday ,03 January
Gemayel meets President of French National Assembly in Paris
GMT 18:16 2017 Monday ,25 December
Sharjah Ruler issues Emiri Decree on SGMB functions
GMT 13:16 2017 Sunday ,15 October
Qatari sheikh says assets frozen over Gulf crisis
GMT 12:50 2017 Saturday ,11 November
ICC prosecutor calls for Afghanistan war crimes probeGMT 13:28 2012 Friday ,17 February
NYT\'s Anthony Shadid dies in Syria
GMT 18:54 2017 Sunday ,10 December
UNICEF’s ‘There is Hope’ Exhibition spreads positive message at DIFC
GMT 01:13 2017 Sunday ,11 June
Maids not defying Indonesian ban, says embassy in Oman
GMT 16:44 2017 Friday ,01 September
Al-Bashir to partake in OIC Summit in Kazakhstan
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