Amazon wants to bolster its presence in the Middle East with the acquisition of Souq, the online retailer often described as "the Amazon of the Arab world."
"Amazon and Souq share the same DNA-- we’re both driven by customers, invention, and long-term thinking,” Amazon says. "Souq pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We're looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the M. East."
Souq sells CE, as well as fashion, household items and other goods. It claims to be the largest e-commerce player in the region, and was valued at $1 billion during its last round of funding back in 2016. Last year Souq was reportedly in talks with Amazon to sell a 30% stake, a deal also putting its value at $1bn, but TechCrunch sources claim the final asking price for the deal comes to around $650 million.