souqcom and amazon complete 65m acquisition deal
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

in Middle East and North Africa

Souq.com and Amazon complete $65m acquisition deal

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleSouq.com and Amazon complete $65m acquisition deal

Amazon
Dubai - Muslimchronicle

The Dubai-based online retailer Souq.com on Monday said its sale to e-commerce giant Amazon has been completed.
The $650-million deal, initially announced in March, would allow Amazon to capitalize on Souq.com’s leadership in Middle East and North Africa, accounting for as much as 78 percent of e-commerce in the region.
In a joint statement, Souq.com said that users now could log into their website using their Amazon account even as both companies work on the “next phase of the integration to bring more products and offerings to the region’s customers even faster.”
“It is an exhilarating time for the e-commerce industry in the region. Integration of Amazon’s technology and global resources with our local expertise will help us to offer a great service to our loyal customers,” Ronaldo Mouchawar, the co-founder and chief executive of Souq.com said.
Amazon.com’s senior vice president for its international consumer business, Russ Grandinetti, meanwhile said: “We are excited to be able to provide our customers in the Middle East with the benefit of easy access to Souq.com using their Amazon credentials.”
“We are working to quickly integrate Souq.com and Amazon capabilities, in terms of both customer experience and fulfillment, to provide an ever-improving shopping experience for customers in the Middle East.”
Emaar Malls, the retail unit of Dubai’s largest publicly-traded property company Emaar, earlier offered a $800 million bid for Souq.com, while
China’s Alibaba and retail group Majid Al Futtaim have also shown interest in the online retailer.
Amazon’s acquisition of Souq.com, one of its largest after the 2014 purchase of game streaming site Twitch for $970m, gives it a foothold to a market of 50 million consumers across several countries.
Souq.com claims up to 45 million visitors per month and a range of 8.4 million products – from perfumes to home cleaning products – across 31 categories.

source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

souqcom and amazon complete 65m acquisition deal souqcom and amazon complete 65m acquisition deal

 



Themuslimchronicle, themuslimchronicle

GMT 12:33 2017 Thursday ,20 April

Premier congratulated by Sudanese Ambassador

GMT 21:47 2017 Tuesday ,31 October

January 19 - February 17

GMT 12:17 2011 Wednesday ,27 July

N. Korea calls for peace treaty with U.S.

GMT 13:34 2012 Sunday ,29 July

Palestinian intellectual passes away

GMT 15:58 2014 Tuesday ,27 May

How to heal bones

GMT 20:40 2014 Sunday ,12 October

No plan to lift fuel, butane gas subsidies

GMT 08:29 2016 Saturday ,27 August

Turkey PM denies Syria operation singling out Kurds

GMT 14:09 2017 Wednesday ,13 September

WADA 'to clear 95 Russian athletes of doping charges'

GMT 14:59 2017 Monday ,04 September

We will not allow Iran to have a foothold in Yemen

GMT 20:17 2017 Friday ,17 March

Merkel to Meet Putin in Moscow on May 2

GMT 13:40 2011 Saturday ,25 June

Explosions rock Myanmar\'s capital city

GMT 09:12 2013 Saturday ,16 February

Dina Abdel Fattah: Promoting Egypt\'s activists

GMT 18:06 2017 Saturday ,02 September

Libya’s Sarraj appoints new military chief of staff

GMT 09:09 2016 Monday ,22 August

'Marvellous' Rio flames out

GMT 14:35 2017 Saturday ,28 October

South Sudanese president to visit Sudan

GMT 12:24 2017 Tuesday ,06 June

The online battle for General Election votes

GMT 03:33 2017 Saturday ,18 February

Mexican drug kingpin 'El Chapo' extradited to US
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle