Souq is most famous E-commerce platform in around the MENA Countries. Souq.com initially an auction website after that to change the Online shopping site similar to the amazon website with a marketplace.
In 2014 Souq.com raised $75 million from the South Africa based Naspers and various countries.
Souq.com online shopping platform sells consumer electronics, fashion, Home appliances and etc.. so that on its website to being the biggest e-commerce portal in the MENA ( Arab ).
Amazon.com Inc. and India’s Flipkart Online Services Pvt both are planning to acquires MENA based Souq.com after that U.S Online retail Amazon entered talk with souq.com last year in a deal that would have been worth about $1 billion.
“Souq.com claims to command 78% of all e-commerce traffic in the MENA region, and with online purchases accounting for only 1 to 2% of regional retail sales, there is a tremendous opportunity for growth.
The Dubai-based firm offers 8.4 million products on its site, having recently begun selling books and groceries.
Amazon, a global giant, offers an estimated 40 million products.
The deal also comes few days after Emaar Malls, which is headed by Dubai billionaire Mohamed Alabbar, confirmed that it made an offer to acquire Souq.com, challenging the bid from Amazon.com. ”
Source : http://www.incarabia.com/money/the-drama-is-over-amazon-clinches-deal-to-buy-souq-com/
Yes, Amazon acquired the Chinese Ecommerce online shopping portal joyo.com to establish in china in the early day of online shopping platform and can take experience to better manage the growth in the MiddleEast
“Amazon is clearly interested in tapping into growth in emerging markets.”
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