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Amazon completes acquisition of Middle Eastern e-commerce firm Souq

RBR Staff Writer Published 05 July 2017

Amazon has completed its acquisition of Souq.com, a Dubai-based online retailer, for $580m.

Founded 12 years ago, Souq is cliamed to be the largest online retail and marketplace platform in the Arab world, featuring over 8.4 million products across 31 categories.

The company attracts more than 45 million visits per month, with localized operations in the KSA, UAE and Egypt.

Souq.com stated that the users can now log on to its site using Amazon credentials. The Middle East retailer will work in tandem with Amazon to expand product inventory for customers across the world.

Souq.com co founder and chief executive Ronaldo Mouchawar said: “It is an exhilarating time for the e-commerce industry in the region. Integration of Amazon’s technology and global resources with our local expertise will help us to offer a great service to our loyal customers.”

Amazon international consumer business senior vice president Russ Grandinetti said: “We are excited to be able to provide our customers in the Middle East with the benefit of easy access to Souq.com using their Amazon credentials.

“We are working to quickly integrate Souq.com and Amazon capabilities, in terms of both customer experience and fulfillment, to provide an ever-improving shopping experience for customers in the Middle East.”

The retail divison of publicly-traded property company Emaar, Emaar Malls, earlier offered a $800m bid for Souq.com. However, it was not approved by the stakeholders of Souq.

Image: Amazon completes acquisition of Souq. Photo: courtesy of SOUQ.com.