Amazon buys Arab world’s biggest e-commerce platform Souq.com, which is valued at over $1bn after it raised $275m from investors last year.
Russ Grandinetti, Amazon Senior vice President said “We have been serving customers in the Middle East for many years, but Souq will allows to do it in a way that it takes it to a whole new level, that it’s local service, local delivery speed.”
Souq sells over 8m products, to customers in the Gulf countries and Egypt.
Ronaldo Mouchawar, CEO of Souq said “ We feel the opportunity and growth in this part of the world is still massive, as online is just 2 per cent of what is being purchased. Amazon is a great out fit for us and this is why Amazon was our partner and choice.”
Souq was launched in 2005 and had over 45 million visits per month and has localized operations in Saudi Arabia and United Arab Emirates and Egypt.