Amazon’s $580 Million Acquisition Deal for Middle East’s E-Commerce Giant is Now Complete

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Almost 4 months after Amazon made its official announcement to take over Middle East’s largest online retailer, Souq.com, the global online giant announced on Monday that the acquisition has been completed. 

Although the value of the deal wasn’t officially disclosed, TechCrunch spotted a SEC filing stating that Amazon signed an agreement to acquire Souq for $580 million in cash.

According to Khaleej Times, Russ Grandinetti (Amazon Senior Vice President, International Consumer) said that shoppers can now log on to Souq.com using their Amazon account as the first step of integration.

Souq.com CEO and co-founder, Ronaldo Mouchawar said in a statement that this collaboration with Amazon enables the Dubai-based e-commerce site to bring even more products, great prices, improved delivery times and first-rate customer service to its customers in the region as well as empower third-party sellers.

Now that Amazon has officially set foot on Middle Eastern soil, it fills an important geographic gap for the e-commerce giant.  United Arab Emirates, Egypt, Saudi Arabia, Kuwait, Bahrain, Oman and Qatar will now be added to the list of Amazon “territories.”

Amazon has surely taken another step taken towards dominating the world!