Skip to main content

Amazon Just Got Bigger by Buying Souq.com

Amazon bought the Middle East‘s largest internet online vendor Souq.com on Tuesday for an unnamed amount, just one day after a state-backed company disclosed a US $800 million counter-offer.

The purchase was described as growing Amazon’s authority into the Mideast as chairman of the state supported firm Emaar is getting ready to start on his own retail online website in a nation branded more for it’s lavishness of malls than internet shopping.

This might put Seattle-based Amazon in a head to head competitive stance with a powerful firm headed by one of the sheikhdom’s favored industry magnate.

“This is a milestone for the online shopping space in the region,” Souq.com co-founder and CEO Ronaldo Mouchawar stated in a testimonial.

The statement said the 2 companies anticipated the transaction to finalize this year.

“Together, we’ll work hard to provide the best possible service for millions of customers in the Middle-East,” Russ Grandinetti, the senior VP with Amazon, stated.

In acquiring Souq.com, Amazon will definitely jump into the crucial Mid-east markets in Egypt, the United Arab Emirates as well as Saudi Arabia, in which the Dubai-based retailer currently has confined operations.

As a privately owned company, Souq.com has not had to file any type of earning information, even though its website previous year raised over $275 million of financing which the Corporation said would no doubt help fuel its upcoming growth.

Souq.com’s rank as a free zone company furthermore means Amazon is able to operate a 100 % foreign owned business. Amazon’s entry in the UAE arrives shortly after Apple Inc. opened there first store within the Arab world located in the heart of Dubai as well as the UAE capital of Abu Dhabi on October 2015.

The website’s leading investors include Tiger Global Management LLC with Southern Africa based Naspers Ltd.

Rumors however about Amazon’s continued interest in Souq.com have been circulated for several months now. Back in November, Emaar chairman Mr. Mohamed Alabbar apparently met up with Amazon’s CEO Jeff Bezos in the state backed firm’s Dubai Mall, home to the enormous aquarium and within the shadow of Burj Khalifa, the world’s tallest structure which it built.

The post Amazon Just Got Bigger by Buying Souq.com appeared first on CTN News.



from CTN News http://ift.tt/2o1IcbS
via IFTTT http://ift.tt/eA8V8J
Labels:

Comments

Post a Comment

Popular posts from this blog

Death of young puppy aboard United flight triggers United States department inquiry

United Airlines dealt with new reactions on Wednesday regarding a young puppy dog which passed away in-flight soon after an attendant ordered it stored in an overhead box. The United States Department of Transportation stated it is taking a look at the events which resulted in the bulldog’s demise. UNITED STATE Legislator John Kennedy, whom previously on Wednesday sent out a letter to the United Airlines Commander in chief Scott Kirby, asking for relevant information regarding the significant amount of pets which have passed away while in the transporter’s care, published on Twitter that he intended to submit a bill on Thursday which will restrict airline companies from placing pets inside overhead receptacles. ” Violators will face significant fines. Pets are family,” he noted. Kennedy, within the correspondence, stated United’s “pattern of animal deaths and injuries is simply inexcusable.” The man mentioned that the numbers occurred while on air-planes  is  24 pets, ...
Post a Comment
Read more

Unmasking the Truth: Debunking the Myth of the 2019 “Flu”

Unmasking the Truth: Debunking the Myth of the 2019 “Flu” : In the annals of misinformation, there exists a tale so wild, so absurd, it would make even the most seasoned conspiracy theorist blush with disbelief. This saga, dear readers, revolves around the audacious claim that the infamous COVID-19, the scourge of our modern times, had actually graced humanity with its presence in the year 2019, masquerading as nothing more than a run-of-the-mill flu. Brace yourselves, for we are about to embark on a journey to unmask the truth behind this preposterous assertion.
Post a Comment
Read more