Amazon acquires Souq.com, the Middle East's biggest online retailer

Mar 31, 2017 17:03 IST

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.”

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About Souq.com

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.

About Amazon

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.

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Read more Current Affairs on: Amazon , Souq.com , E Commerce

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