Report: Amazon acquires Souq.com

Mar

22

2017

The two companies did not confirm the deal
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The United Arab Emirates news agency TheNational reported on Wednesday that Amazon has agreed to buy the largest retail stores in the Middle East, the UAE, without any official statement yet from the two companies confirming the deal.

The US e-commerce giant has long wanted to acquire a bid to enter the region, but talks stalled in January after a dispute over the value of the deal, but the negotiations returned to the table earlier this month.

The National said it had learned that a deal had been made between Amazon and Souk.com, but the two companies had not yet formally confirmed the deal.

About 78% of the e-commerce market in the Middle East and North Africa is located in Dubai, United Arab Emirates.

Established more than 10 years ago, it offers 8.4 million products on its website, and has recently started selling books and vegetables. For comparison, Amazon provides more than 40 million products.

Amazon is seeking to enter the Arab region, especially after the UAE businessman Mohamed Alabbar announced the launch of the electronic trading platform Nun.com with a funding of one billion dollars, but the circumstances unless the new platform began its work so far, although it was scheduled to begin in December Last January with 20 million producers.

Established in 2005 as an auction site, it was linked to the Maktoob portal, but became an e-commerce platform in 2011.

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