Previous Post
7 Arab Airlines React to Trump's Electronics Ban and It's Hilarious
Next Post
European-Egyptian Archaeology Team Accidentally Unearths Statue of Tutankhamun's Grandmother

Emaar Malls Challenges Amazon's Bid to Acquire Souq.com with an $800 Million Offer

Emaar Malls Group sees Amazon's bid for Souq.com and raises it another $150 million.

A few days after Amazon agreed to acquire UAE's internet retailer, Souq.com, in a deal valued at around $650 million, Emaar Malls Group has announced a counter-offer of $800 million to acquire the Middle East's most valuable online retail company, Bloomberg reports, citing "people familiar with the matter", who spoke on condition of anonymity.  

The $800 million Emaar Malls' offer includes $500 million as a convertible deposit, however, no final agreement has been reached yet, according to Bloomberg.

Amazon and Souq have been in talks since January to finalise the deal, but they failed to agree on a price tag until Amazon agreed to a  $650 million offer earlier this month, which is now being challenged by Emaar Malls Groups.

Souq.com was founded in 2005 and is currently dominating e-commerce internet traffic in MENA region, with a staggering share of 78% of e-commerce transactions in the region.


Todays Events
Sharmoofers/Bakir/AK @ Cairo Jazz Club
Bars
Date: 1/24/2019
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
Mohasseb @ CJC 610
Bars
Date: 1/24/2019
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club 610
Gold /Silver sheets on glass @ Art Café
Workshop
Date: 1/24/2019
Time: 6:00pm - 9:00pm
Venue: Art Cafe Galleria40
Yoga Break Thursdays @ Coursida
Health & Fitness
Date: 1/24/2019
Time: 6:00pm - 7:30pm
Venue: Coursida Co-working Space
Sagat Thursday @ Underground
Clubs
Date: 1/24/2019
Time: 9:00pm - 3:00am
Venue: UnderGround
'El Yaro Paradise' @ Samah Art Gallery
Exhibitions
Date: 1/24/2019
Time: 10:30am - 8:30pm
Venue: Samah Art Gallery
ODDS by Yasser Nabaiel @ Art Talks
Exhibitions
Date: 1/24/2019
Time: 6:00pm - 9:00pm
Venue: Art Talks
Rhythmic Gymnastics @ Adams Dance Studio
Kids Activities
Date: 1/24/2019
Time: 7:30pm - 9:00pm
Venue: Adams Dance Studio