Amazon to acquire UAE-based e-commerce platform souq.com  

Mohamed Samir
1 Min Read
Amazon expected to introduce 3D Smartphone, become a new entrée in the Samsung and Apple dominated industry. (AFP Photo)

The online shopping giant Amazon has reportedly reached an agreement to fully acquire the UAE-based e-commerce platform souq.com, valued at $1bn.

Earlier this month, it was reported that Amazon has decided to terminate the deal after a disagreement over the price of Souq, which Amazon initially negotiated to acquire for around $650m.

Souq currently controls around 78% of all e-commerce in the Middle East and North Africa (MENA) region, as it offers 8.4 million products on its website.

Other Souq bidders included Majid Al Futtaim, that reportedly pulled out of the bidding process. Souq’s existing investors include Tiger Global Management and South Africa’s Naspers Ltd.

A difficult year was forecast for Souq as a result of the establishment of noon.com, a $1bn rival platform, funded by Emirati billionaire Mohamed Alabbar and the Saudi Public Investment Fund.

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
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