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Amazon Agrees to Buy UAE’s Souq.com

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 Souq.com 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, Souq.com 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
365 Scorpio @ Underground
Clubs
Date: 11/21/2018
Time: 10:00pm - 4:00am
Venue: UnderGround
Back to Roots African Heritage @ CJC 610
Bars
Date: 11/21/2018
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club 610
All You Can Eat Sushi @ Le Méridien Pyramids
Dining
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Time: 6:00pm - 11:00pm
Venue: Le Meridien Pyramids Hotel & Spa
Taxi El  Sahra ft. Ramy DJunkie @ CJC
Bars
Date: 11/21/2018
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
Noha Fekry @ Jazz Bar
Bars
Date: 11/21/2018
Time: 9:30pm - 1:00am
Venue: Kempinski Jazz Bar
Elektronight: Osman + Gahallah @ The Tap Maadi
Bars
Date: 11/21/2018
Time: 10:00pm - 3:00am
Venue: The Tap Maadi
Soul    M  @ The Tap   East
Bars
Date: 11/21/2018
Time: 10:00pm - 3:00am
Venue: The Tap East
Fabrica Disney @ El Sawy Culturewheel
Concerts
Date: 11/21/2018
Time: 8:00pm - 11:00pm
Venue: El Sawy Culturewheel