Amazon to Buy Middle Eastern Online Retailer Souq.com
Amazon.com has acquired another online retailer. Reports say Amazon has agreed in principle to buy Dubai-based Souq.com, one of the best-known names in the Middle East's online shopping market. Souq.com sells consumer electronics, fashion, household items and other goods, and on its website claims to be the largest e-commerce site to the Arab world. Since its founding in 2005, Souq.com has raised $425 million, according to crunchbase.
Total Retail's Take: Interest is growing in the Middle East's e-commerce market, estimated to be worth $20 billion in 2016. Souq.com initially launched as an internet auction site and has developed into a retailer and marketplace for third-party vendors. Amazon continues to expand its international footprint through acquisitions.