Amazon Buys Souq.com, the Middle East's Biggest Online Retailer

Amazon Buys Souq.com, the Middle East's Biggest Online Retailer

The Middle East's biggest online retailer Souq.com has been bought by Amazon for an undisclosed amount, a day after a counteroffer of $800 million (roughly Rs. 5,207 crores) from the operator of Dubai's biggest mall became public.

Souq.com and Amazon issued a joint statement on Tuesday in Dubai announcing the sale, saying it represents Amazon's entry into the Middle East.

The statement says the acquisition is expected to close in 2017, without elaborating.

"By becoming part of the Amazon family, we'll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon's great track record of empowering sellers," said Souq.com's co-founder, Syrian-born entrepreneur Ronaldo Mouchawar.

A filing Monday by Emaar Malls PJSC on the Dubai Financial Market showed the mall operator offered $800 million for the site.

Seattle-based Amazon.com Inc. confirmed the sale in a separate statement, without elaborating on terms.

Emaar Mall's bid for the site comes after Emaar chairman Mohamed Alabbar reportedly met in November with Amazon CEO Jeff Bezos in Dubai Mall.

Written with agency inputs

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