Sale to Amazon Completed: Souq.com

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Dubai-based Souq.com, the Middle East’s greatest online retailer, says its sale to Amazon has been completed.

Souq.com said on Monday that clients now could log into their site using their Amazon account.

A Souq.com statement said the firms now would work on the “next phase of the integration to bring more products and offerings to the region’s clients even faster.”

No sales price has been discussed for the deal, first reported in March. However, Dubai’s state-backed Emaar Malls PJSC reported it made a $800-million (generally Rs. 5,207 crores) bid for Souq.com in a filing on the Dubai Financial Market just before Amazon closed its deal.

In purchasing Souq.com, Seattle-based Amazon will jump into the crucial Mideast markets of Egypt, the United Arab Emirates and Saudi Arabia, where the retailer already has local operations.

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