Amazon reaches agreement to buy Souq.com
by Stuart Wilson, Tuesday 28 March 2017
NASDAQ-quoted Amazon has reached an agreement to acquire SOUQ.com, a major e-commerce player in the Middle East. The move ignites an intriguing battle for e-commerce supremacy in the fast-growing region, with Noon.com, which has financial backing from Saudi Arabia’s Public Investment Fund, due to launch in the coming weeks.
Russ Grandinetti, Amazon senior VP, international consumer at Amazon, said: "Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention, and long-term thinking. 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."
Ronaldo Mouchawar, CEO and co-founder at Souq.com, said: "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. 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. 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, SOUQ.com attracts over 45 million visits per month, with localised operations in Saudi Arabia, UAE and Egypt.
We are pleased to confirm that Channel EMEA is an official Media Partner for all DISTREE events in 2017, including DISTREE Middle East. DISTREE Middle East 2017, which takes place from May 8th to 10th in Dubai, gathers together hundreds of senior executives from e-tailers, retailers, online marketplaces, distributors and vendors of consumer tech products. Thousands of pre-scheduled meetings take place between delegates during the event, accelerating consumer tech channel growth and development throughout the Middle East. This year’s event will also include a delegation of leading consumer tech retailers from Africa.