Amazon acquires Souq.com

Commentary

After dominating the US and European ecommerce markets and having its presence felt in India and China, Amazon is setting its sights on an even more ambitious goal: to conquer the Middle East. The ecommerce giant recently acquired Dubai-based Souq.com, the biggest ecommerce platform in the Middle East for $650 million. Described as a clone of Amazon, Souq.com boasts of having 45 million site visits per month and delivers to seven countries including the UAE, Egypt, Saudi Arabia, Kuwait, Bahrain, Oman and Qatar. According to reports, although the entry of Amazon could bolster the ecommerce industry in the region, the acquisition is not the ideal exit investors had hope for Souq.com, which was already valued at $1 billion during its last round of funding in 2016.

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