Souq.com, Dubai-based E-commerce Site, Raises $75 Mln - Middle East Real Time - WSJ:
"The Arab world’s answer to Amazon.com has raised $75 million in funding from South African media giant Naspers, another milestone for e-commerce in a region traditionally averse to transacting online.
The deal for a stake in Souq.com, which means “marketplace” in Arabic, values the e-commerce company at more than $500 million, according to Naspers financial statements and Souq chief executive Ronaldo Mouchawar.
The deal is the biggest publicized in the Internet space in the Arab world since Yahoo Inc. bought Arabic web portal Maktoob in 2009 for $165 million, according to industry executives and investors involved.
“Things are happening here,” said Mr. Mouchawar, who would not disclose the size of the new stake but said Naspers remains a minority shareholder. “More deals need to come, but we have seen you can create a lot of value here out of the Internet,” he added."
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