What Souq-Amazon and Uber-Careem deals mean for Middle East’s online platforms:
A number of start-ups in the Middle East are being bought up by global giants, and while some might fear the loss of a home-grown identity, experts say the deals are recognition that local companies know their markets best.
It all started in 2009 with Yahoo!’s acquisition of Jordanian company Maktoob.com. The Amman-based online services company, founded in 1998, was known for being the first Arabic-English email service provider. It later became Yahoo!’s official arm in the Middle East and North Africa (MENA).
In 2017, Amazon purchased the e-commerce platform Souq.com for $580 million. In the UAE, the website was recently rebranded as Amazon.ae, although parts of the Middle East, such as Egypt and Saudi Arabia, were not included in the rebranding.
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