Amazon 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.
"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," said Russ Grandinetti, Amazon Senior Vice President, International Consumer.
The value and terms of the deal were not disclosed. The acquisition is expected to close in 2017, according to a joint statement on Tuesday.
Dubai billionaire Mohamed Alabbar's Emaar Malls EMAA.DU, the Dubai government-linked developer of the world's tallest building, had also made a bid for SOUQ.com. It is not clear who made the best offer, although Amazon.com was the winner.