Is Souq com owned by Amazon?

Amazon acquired Souq.com in 2017. The deal’s value was not officially announced, but reports at the time indicated that it approached $1bn.

When did Amazon buy Souq?

So how much did Amazon pay for souq and when did amazon buy souq! Souq sold it for 580 million dollars in cash on March 28, 2017.

How much did Souq sell for?

Souq.com and Amazon complete $650m acquisition deal | Arab News.

How much did Amazon buy SOOQ com for?

It appears competition was fierce to acquire Souq.com, with the Amazon deal announced just a day after Dubai-based Emaar Malls confirmed offering $800 million to acquire the site. Amazon had walked away from talks with Souq.com earlier this year, but it reportedly came back with an offer of $650 million.

How did Amazon buy Souq?

Amazon launched a new Middle East marketplace on Tuesday, two years after buying the Dubai-based e-commerce company Souq.com for $580 million. With the launch, Amazon said Souq.com will be rebranded to Amazon.ae. The Souq.com URL now automatically takes you to Amazon.ae.

Is Amazon in the UAE?

Dubai, United Arab Emirates, May 1st 2019 – Amazon and Souq today announced the launch of Amazon.ae, a new local shopping experience for customers in the UAE. Customers can shop on Amazon.ae by using the Amazon App or by visiting the new website.

Who started Souq?

Ronaldo Mouchawar
Souq/Founders

What happened Souq?

On March 28, 2017, Amazon.com Inc. acquired Souq.com for $580 million and became its subsidary. On May 1, 2019, Souq.com UAE became known as Amazon.ae, while on June 17, 2020, Souq.com KSA became known as Amazon.sa. The Egyptian site as well turned into Amazon.eg on September 1, 2021.

What is the souq acquisition?

Amazon completes its acquisition of Middle Eastern e-commerce firm Souq. Amazon has completed its acquisition of e-commerce firm Souq.com, which was first announced at the end of March and sees the U.S. retail giant enter the Middle Eastern market.

What does Amazon’s deal with Souq mean for Middle East e-commerce?

Together with Amazon, our goal is to offer our customers the widest product selection, great prices, improved delivery times and first-rate customer service,” Souq.com CEO and co-founder Ronaldo Mouchawar said in a statement. Back to the Middle East, the Souq.com deal gives Amazon a firm footing in a growing and competitive e-commerce space.

What happened to Amazon Souq?

With the launch, Amazon said that it is rebranding Souq, the e-commerce company it bought for $580 million in 2017, to Amazon.ae. The Souq.com URL takes you to Amazon.ae, but Souq is still available in Saudi Arabia and Egypt.

Is Souq com available in Saudi Arabia?

Amazon launched a new Middle East marketplace on Tuesday, two years after buying the Dubai-based e-commerce company Souq.com for $580 million. With the launch, Amazon said Souq.com will be rebranded to Amazon.ae. The Souq.com URL now automatically takes you to Amazon.ae. But Souq remains available in Saudi Arabia and Egypt.