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Amazon Agrees to Buy UAE’s

The Middle East's biggest e-commerce player was acquired by the multinational giant, after earlier negotiations had faltered.

Amazon has agreed in principle to acquire UAE-based online retailer from its shareholders, Reuters reported. The Emirati company – the largest e-commerce player in the Middle East -  had been valued at $1 billion in February last year, during a $275 million funding round.

Neither Amazon nor Souq have yet commented on the deal, but Reuters cited sources closed to the deal, adding that Goldman Sachs reportedly helped to arrange the acquisition. Earlier today, Emirati newspaper The National had reported that speculation about a potential sale of Souq, which had previously been circulating for months, but was stalled in January due to a dispute over the price demanded.

Founded in 2005 as part of the Arabic-language portal Maktoob, has 8.4 million products on its site, currently dominating 78 percent of all e-commerce traffic in the MENA region. Now, the landing of Amazon in the region underlines the growing potential of e-commerce, which only accounts for 1 or 2 percent of retail sales in the Middle East.

Todays Events
Intensive Acting for Film @ Studio ZAT
Date: 4/18/2019
Time: 6:00pm - 10:00pm
Venue: Studio Zat
The Wanton Bishops @ CJC
Date: 4/18/2019
Time: 10:30pm - 3:00am
Venue: Cairo Jazz Club
Slovvdk Records live Showcase @ 3elbt Alwan
Date: 4/18/2019
Time: 8:00pm - 10:00pm
Venue: 3elbt Alwan111
Hashem & Hassan Abou Allam @ The Tap West
Date: 4/18/2019
Time: 10:00pm - 3:00am
Venue: The Tap West
Easter Bazaar @ Community Services Association
Date: 4/18/2019
Time: 9:00am - 4:00pm
Venue: Community Services Association (CSA)
Hey DJ Final @ CJC 610
Date: 4/18/2019
Time: 9:00pm - 3:00am
Venue: Cairo Jazz Club 610
'Tanagra'  @ Art Corner  Zamalek
Date: 4/18/2019
Time: 7:00pm - 10:00pm
Venue: Art Corner Gallery
Ben Eaton @ Darb 1718
Date: 4/18/2019
Time: 8:00pm - 10:00pm
Venue: Darb 1718