Amazon.com Inc., the USA based e-commerce giant, on 28 March 2017 acquired Souq.com, the Middle East’s largest online retailer. However, the deal’s specific value was not announced.
Ronaldo Mouchawar, the Chief Executive and Co-founder of the Souq.com, called the agreement “a critical next step in growing e-commerce presence on behalf of customers across the region.”
• Souq.com is an English-Arabic language e-commerce platform.
• It is often described as the Amazon of the Middle East.
• It is the largest e-commerce platform in the Arab world.
• Amazon.com is an American electronic commerce and cloud computing company.
• It was founded on 5 July 1994 by Jeff Bezos.
• It is based in Seattle, Washington.
• It is the largest Internet-based retailer in the world by total sales and market capitalization.
• Amazon has separate retail websites for the United States, the United Kingdom, Ireland, France, Canada, Germany, Italy, Spain, Netherlands, Australia, Brazil, Japan, China, India, and Mexico.
• In 2015, Amazon surpassed Walmart as the most valuable retailer in the United States by market capitalization.
What: Acquired by Amazon
When: 28 March 2017