Amazon has announced that it has acquired Souq.com, an e-commerce which is the biggest e-commerce platform in the Middle East for an undisclosed fee.
Described by some as the ‘Amazon of the Middle East’, Souq offers Amazon a quick access to more than 4 million products, 50 million consumers in different middle eastern countries, and thousands of merchants whom they work with to help sell their goods online.
In a statement, by Russ Grandinetti, Amazon Senior Vice President, International Consumer 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.”
Meanwhile, the CEO and Co-Founder Ronaldo Mouchawar of souq.com while speaking about the takeover by Amazon 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 will 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.”
Souq.com was founded in 2007 by Ronaldo Mouchawar, Samih Toukan and Hussam Khoury. It is reported to be worth 20 billion dollars.
This acquisition signals the Amazon’s entry to serve the Middle East.
