Amazon acquires Souq.com
The bidding war for the largest online store in the Middle East concluded with the US-based Amazon acquiring Souq.com for an undisclosed sum. News agencies, however, have cited sources saying the deal closed for less than $800m.
The sale of Souq.com drew the interest of investors from across the globe, with home-grown brand Emaar also making an official bid.
Established in Dubai in 2005, Souq.com has recorded a healthy growth over the past 12 years, currently retailing 8.4m products across its online platform.