Categories: Business

Amazon to Acquire SOUQ.com

The FINANCIAL — Amazon on March 28 announced that it has reached an agreement to acquire SOUQ.com, an e-commerce leader in the Middle East.

Joining the Amazon family will enable SOUQ.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide.

“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.”

ADVERTISEMENT

“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.”

Subject to closing conditions, the acquisition is expected to close in 2017, according to Amazon.

 

The FINANCIAL

Recent Posts

Bank of America Study Finds 84% of Employers Now Say Offering Financial Wellness Tools Helps Increase Employee Retention

The FINANCIAL -- 97% of employers feel responsible for employee financial wellness, with 91% seeing…

21 hours ago

How Global South cities can work better: free course based on Oxford-led urban research

A new, free course ‘Shaping Urban Futures’, aimed at planners, policymakers and people with an…

22 hours ago

Discovery of new nanowire assembly process could enable more powerful computer chips

Researchers from Oxford University’s Department of Materials have developed a technique to precisely manipulate and…

22 hours ago

Face to face with ancient Egyptians

Realistic mummy portraits shed light on life, death in multicultural Roman era 2,000 years ago. Realistic…

22 hours ago

What makes us human? It’s all in the hips

New study shows how pelvis evolved for walking upright, allowing birth of offspring with larger…

22 hours ago

Genetic tests set to reduce burden of joint replacement surgery

A range of ground-breaking genetic tests could help predict whether joint replacements succeed or fail. These…

23 hours ago