By: Economic & Finance Report
AMAZON (AMZN) has done it again folks!!!!!! One of the world’s largest online retailers has just bought the biggest Middle East online e-commerce retailer. Amazon has recently acquired Souq.com; the biggest ecommerce retailer in the Middle East. The company which is based in Dubai, United Emirates is the largest of its kind, in the middle east. Souq is valued at over $1 billion dollars .
Amazon has been serving customers in the Middle East for years, but wanted to expand its portfolio in the region, and they have with the purchase of Souq. It has been noted that Souq.com sells more than eight million products in the region.
Souq.com has over 3,000 employees in the Middle East and Arab countries; when the company started in Dubai, they only had five employees. Souq CEO Ronaldo Mouchawar, believed Amazon was the only choice as far as his concern, though the company had a $800 million counter offer buyout on the table; Mouchawar and his team believed Amazon was a very suitable home for Souq’s long term vision. -SB