Amazon buys Souq.com in the Middle East

Amazon http://www.amazon.com announced in a joint statement with Souq.com on March 28 that it has bought the Middle East’s biggest e-commerce platform. The world’s largest online marketplace, Amazon, did not disclose the size of the deal which, to recall, came one day after Dubai’s Emaar Malls made an USD 800 million bid to buy Souq.com. In a press conference, Souq founder and Syrian entrepreneur, Ronaldo Mashur, said the step is crucial in promoting the company’s presence in e-commerce. “By joining the Amazon family, we shall be able to enhance our delivery capacities, speed up our selection of customers and keep our track record in empowering vendors,” Mashur stated. For his part, Amazon senior vice president, Russ Grandinetti, said Souq.com has been serving customers in the Middle East, which creates yet a larger online shopping opportunity. “We look forward to learning from each other to provide the best possible experience for millions of customers,” Grandinetti said. To be noted, Souq is a Dubai-based Emirati company specializing in selling electronics, fashion and household items, with nearly 78% of its transactions in the region. The site also attracts more than 23 million visitors every month at a remarkable growth pace. (Al Hayat, Al Mustaqbal, L’Orient Le Jour, March 29, 2017)