News

Amazon to Acquire the Middle Eastern E-Commerce Site Souq.com

Amazon to Acquire the Middle Eastern E-Commerce Site Souq.com

Speculations about a potential sale of Souq.com to Amazon.com Inc, the US e-commerce firm, has been confirmed and the deal has now been agreed.

Sources have not disclose the price of the deal, however it is estimated to be valued at $US one billion, in its last funding round, and it has been raised to $US 275 million from investors.

Souq is one of the best-known names in the Middle East’s online shopping market and one of the most recognised online brands. It houses variety of products such as consumer electronics,  household items among many others in addition to expanding into books and groceries.

Amazon has been considering expanding into the Middle Eastern market under its own name. However, buying Souq provides it with high growth potential to expand in the Middle East through an existing strong customer base and the infrastructure to store and deliver products.

Egypt to Increase Price of Metro Tickets to EGP 2
Report: Egypt Real Estate Market to Be the Fastest Growing Globally in 2017

Subscribe to our newsletter


News

Engy Adham is a Cairo-based journalist. She works as the managing editor at Egyptian Streets. She reports on social issues and arts and culture. Previously published in Daily News Egypt, Ahram Online among others. She received her bachelor’s degree in Multimedia Journalism and Political Science from The American University in Cairo. Follow her on @J_Adham_

More in News

Egypt Records 912 COVID-19 Cases, 89 Deaths

Egyptian StreetsJuly 12, 2020

Legendary Egyptian Dancer Mahmoud Reda Dies Aged 89

Egyptian StreetsJuly 10, 2020

Egypt Passes Law Concealing Identity of Sexual Harassment, Assault and Rape Victims

Egyptian StreetsJuly 9, 2020

Ethiopia to Start Filling GERD in July: PM

Egyptian StreetsJuly 8, 2020

Accused Sexual Predator Ahmed Zaki Confesses to Blackmail, Intimidation: Egyptian Public Prosecution

Egyptian StreetsJuly 7, 2020

Egypt’s Minister for Military Production Mohamed El-Assar Dies at 74

Egyptian StreetsJuly 7, 2020

Multiple Egyptian Women File Official Complaints Against Accused Rapist Ahmed Bassam Zaki

Egyptian StreetsJuly 6, 2020

Al Azhar Encourages Victims of Assault to Speak Up, Report

Egyptian StreetsJuly 5, 2020