Amazon, the USA based e commerce giant made its entry in UAE by acquiring Souq.com, the Middle East’s largest online retailer.
A joint statement said that the agreement brings Amazon into a fast-growing market as it expands into a wide range of services. The deal’s specific value was not announced, but according to analysts it is estimated anywhere between 650 million USD to one billion USD.
Souq.com Chief Executive and Co-founder Ronaldo Mouchawar called the agreement “a critical next step in growing e-commerce presence on behalf of customers across the region.”
Souq.com ,based in Dubai is the largest e-commerce platform in the Arab world offering more than 400,000 products such as consumer electronics, fashion products, and household goods.