US e-commerce business Amazon has bought the leading online marketplace in the Middle East, Souq.com.
“Joining the Amazon family will enable Souq.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide,” the US company said in a statement.
Souq.com is the largest online retail and marketplace platform in the Arab world, featuring more than 8.4 million products across 31 categories such as consumer electronics, fashion, health and beauty, household goods, and baby. The site attracts more than 45 million visits per month, with localised operations in the KSA, UAE and Egypt.
“Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon senior VP, international consumer. “Souq.com 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 Middle East.”
Souq.com co-founder and CEO Ronaldo Mouchawar described the deal as “a critical next step in growing our e-commerce presence on behalf of customers across the region”.
“By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers.”
Subject to conditions, the acquisition is expected to close in 2017.