Amazon has officially announced its acquisition of Souq.com, marking another step in the ecommerce giant's pursuit of world domination.
Souq.com, which at one time was valued at $1 billion, emerged as the go-to online shopping destination in the Middle East, quickly drawing comparisons to Amazon. Founded in Dubai, UAE, Souq reportedly sold to Amazon for $650 million.
Amazon had competition. Emaar Malls, a Dubai-based operator of shopping centers, submitted an $800 million bid for Souq.
We're happy & proud to join @amazon family @HamdanMohammed :) https://t.co/yYVrv4svWi
— Souq.com UAE (@souq) March 28, 2017 Read more...
via Zero Tech Blog
