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Amazon Confirms Deal to Buy Middle East E-Commerce Leader Souq.com
Posted by: David Jones March 28, 2017 03:23 PM

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Amazon on Tuesday confirmed that it has agreed to buy Souq.com, the leading online retailer in the Middle East, reportedly edging out rival Emaar Malls’ $800 million offer. Terms of the agreement were not disclosed, but Amazon reportedly agreed to pay less for Souq than Emaar had offered. Souq, led by cofounder and CEO Ronaldo Mouchawar, claims to be the largest online retail and marketplace platform in the Arab world, selling more than 8.4 million products across 31 retail categories.

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