Amazon today announced the purchase of Souq.com a leading company devoted to e-commerce operating in the Middle East.
Still subject to closing conditions, the acquisition is expected to close later in 2017.
“This is a milestone for the online shopping space in the region,” said Ronaldo Mouchawar (CEO and Co-Founder, Souq.com).
Souq.com is the largest online retail and marketplace platform in the Arab world, featuring more than 8.4 million products across 31 categories such as consumer electronics, fashion, health and beauty, household goods, and baby. Today, this e-marketplace attracts over 45 million visits per month, with localized operations in the KSA, UAE and Egypt.
Souq.com offers a convenient and safe online shopping experience with secure online payments, option to pay cash on delivery and free returns.
“Amazon and Souq.com share the same DNA – we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon Senior Vice President, International Consumer. “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.”
“We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region,” said SOUQ.com CEO and Co-Founder Ronaldo Mouchawar. “By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers.”
Image over the headline.- Ronaldo Mouchawar (CEO and Co-Founder, Souq.com).
