Amazon continues its march across the globe, and one of its newest targets is the Middle East. According to multiple reports that we have confirmed with our own sources, the e-commerce giant has acquired Souq, often described as the Amazon of the Arab world and the region’s biggest e-commerce player, for a price of $650 million, to spearhead its Middle East business. “The ink is dry” on the deal already, one source close to the company tells us.
Souq itself declined to comment for this story. Its CEO Ronaldo Mouchawar did not answer our emails and phone calls. Amazon declined to respond to our request for comment.
Souq has been around since 2005, founded by Mouchawar after Yahoo acquired his Arab-language internet portal Maktoob, leaving the e-commerce business behind (that portal was shut down by Yahoo in 2014 as part of its huge international retreat).
Today, it is the region’s largest e-commerce player in terms of active business: The company’s marketplace connects some 75,000 businesses with consumers to buy their goods, with the total number of products on offer currently at around two million across more than 30 categories, such as electronics, fashion, household goods and (most recently) car accessories.
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