AMAZON TO ACQUIRE MIDDLE EAST E-COMMERCE RETAILER SOUQ.COM

Online retail powerhouse Amazon has announced that it has reached an agreement to acquire Souq.com, an e-commerce leader in the Middle East. Joining the Amazon family will enable Souq.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide. Subject to closing conditions, the acquisition is expected to close in 2017. Terms of the acquistion were not disclosed

“Amazon and Souq.com share the same DNA – we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, senior vice president of International Consumer at Amazon. “Souq.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We’re looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the Middle East.”

“We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region,” added Ronaldo Mouchawar, co-founder and CEO of Souq.com. “By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers.”