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Tuesday, 28 March 2017

Amazon Buys Souq.com as Middle East Online Market Takes Off - Bloomberg

Amazon Buys Souq.com as Middle East Online Market Takes Off - Bloomberg:

"Amazon.com Inc. has agreed to buy Dubai-based online retailer Souq.com, betting that e-commerce in the Middle East is poised to take off.

The U.S. e-commerce giant beat out Emaar Malls PJSC, which runs the world’s biggest shopping center and had bid $800 million for Souq.com. Amazon and Souq.com didn’t disclose deal terms and declined to comment.

Amazon has been stepping up its overseas expansion. Having largely ceded China to Alibaba Group Holding Ltd., the Seattle company is waging a war of attrition with Flipkart Online Services Pvt in India, where it has pledged to spend $5 billion in the next few years. The Middle East has lagged behind the rest of the world in e-commerce, but online shopping is picking up in such countries as Bahrain, Qatar and the United Arab Emirates, where most people own mobile phones."



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