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Amazon Agrees to Buy UAE’s

The Middle East's biggest e-commerce player was acquired by the multinational giant, after earlier negotiations had faltered.

Amazon has agreed in principle to acquire UAE-based online retailer from its shareholders, Reuters reported. The Emirati company – the largest e-commerce player in the Middle East -  had been valued at $1 billion in February last year, during a $275 million funding round.

Neither Amazon nor Souq have yet commented on the deal, but Reuters cited sources closed to the deal, adding that Goldman Sachs reportedly helped to arrange the acquisition. Earlier today, Emirati newspaper The National had reported that speculation about a potential sale of Souq, which had previously been circulating for months, but was stalled in January due to a dispute over the price demanded.

Founded in 2005 as part of the Arabic-language portal Maktoob, has 8.4 million products on its site, currently dominating 78 percent of all e-commerce traffic in the MENA region. Now, the landing of Amazon in the region underlines the growing potential of e-commerce, which only accounts for 1 or 2 percent of retail sales in the Middle East.

Todays Events
Basata @ Cairo Jazz Club
Date: 1/19/2019
Time: 10:30pm - 3:00am
Venue: Cairo Jazz Club
Mada V Birthday Party @ CJC 610
Date: 1/19/2019
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club 610
ODDS by Yasser Nabaiel @ Art Talks
Date: 1/19/2019
Time: 6:00pm - 9:00pm
Venue: Art Talks
'Tanagra'  @ Art Corner  Zamalek
Date: 1/19/2019
Time: 7:00pm - 10:00pm
Venue: Art Corner Gallery
Mostafa Rizk  @ Underground
Date: 1/19/2019
Time: 9:30pm - 2:00am
Venue: UnderGround
Walk-In Pilates w/ ZAG @ CCDC
Health & Fitness
Date: 1/19/2019
Time: 7:00pm - 8:30pm
Venue: Cairo Contemporary Dance Center
Poi Dancing for Beginners @ Lotus
Date: 1/19/2019
Time: 7:00pm - 7:30pm
Venue: Lotus
Rhythmic Gymnastics @ Adams Dance Studio
Kids Activities
Date: 1/19/2019
Time: 7:30pm - 9:00pm
Venue: Adams Dance Studio