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

Egyptian Monks Behind Bishop Killing Receive Death Penalty

Egyptian StreetsApril 25, 2019

Egypt’s State of Emergency Extended for 3 Months

Egyptian StreetsApril 25, 2019

Egypt’s El-Sisi Urges Sudan’s Transitional Ministry Council to Listen to the Protesters

Egyptian StreetsApril 24, 2019

5G to Launch in Egypt at the African Cup of Nations

Egyptian StreetsApril 24, 2019

Egyptians Vote 88.83% in Favour of Constitutional Amendments

Egyptian StreetsApril 23, 2019

Sisi: Human Rights Are A Top National Priority

Egyptian StreetsApril 23, 2019

Egypt’s Christians Celebrate Palm Sunday

Egyptian StreetsApril 21, 2019

Egyptian Peacekeeper Killed While on Mission in Mali

Egyptian StreetsApril 21, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.