After a year of bidding for Souq.com, Middle East’s largest online retailer, Amazon officially announced this week that it will be acquiring the Dubai-based company.
“Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention, and long-term thinking. We’re looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the Middle East, said Russ Grandinetti, Amazon Senior Vice President, International Consumer.”
The value of the acquisition wasn’t disclosed but according to reports, the negotiations were finalized with a $650 million-deal.
Souq.com is dubbed as the “Amazon of the Middle East,” with over 3,000 employees, 1.5 million products and 26 million online visits every month. Middle East’s online retail giant sells products to customers in United Arab Emirates, Egypt, Saudi Arabia and Kuwait… no wonder why Amazon wants to takeover.
The Middle East region will now be added to the list of Amazon “territories” – USA, UK, India, Mexico, Ireland, France, Canada, Germany, Italy, Spain, Netherlands, Australia, Brazil, Japan and China.