Deals
Amazon Buys Souq.com as Middle East Online Market Takes Off
- Emaar Malls PJSC previously bid $800 million for retailer
- The acquisition is just Amazon’s latest international foray
Amazon Bets on Middle East With Souq.com Acquisition
This article is for subscribers only.
Amazon.com Inc. has agreed to buy Dubai-based online retailer Souq.com, betting that e-commerce in the Middle East is poised to take off.
The U.S. e-commerce giant beat out Emaar Malls PJSC, which runs the world’s biggest shopping center and had bid $800 million for Souq.com. Amazon and Souq.com didn’t disclose deal terms and declined to comment.