Yahoo Buys Maktoob.com in Mideast Push

Yahoo, owner of the second-most popular Internet search engine in the United States, agreed to buy Arabic-language Internet venture Maktoob.com as it seeks to enter the Middle East market, Bloomberg News reported.

Yahoo, which announced the acquisition Tuesday at a press conference in Dubai, did not disclose the terms of the agreement. The transaction is set to be completed in the fourth quarter of this year.

“Yahoo sees tremendous growth opportunities in the region,” Keith Nilsson, Yahoo’s senior vice president and head of emerging markts, said at the press conference. “Maktoob is a terrific local brand. Yahoo will be combining its global technology and Maktoob’s local Arabic content.”