Amazon has expanded into the Middle East after confirming its acquisition of Dubai-based online retailer souq.com.
Commonly described as 'the Amazon of the Middle East', souq.com attracts more than 24 million unique visits per month and is the largest e-commerce platform in the Arab world.
According to souq.com, the acquisition will allow it to increase market share by bringing more products and offerings to consumers worldwide.
"Amazon and souq.com share the same DNA – we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon Senior Vice President, International Consumer.
Amazon has not disclosed the price for souq.com, but some reports have suggested the US giant is paying about $650m for the company.
"souq.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers,” Grandinetti added.
“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 CEO and Co-Founder, Ronaldo Mouchawar, said: “Joining the Amazon family will enable us to drive further growth, benefit from their technological investment, offer an even wider product selection through worldwide sourcing, deliver an enhanced customer service experience, as well as continue Amazon's great track record of empowering sellers locally and globally.”
The deal is to be completed later this year.
