Amazon has reached an agreement to acquire SOUQ.com, an ecommerce leader in the Middle East. Joining the Amazon family will enable SOUQ.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide.
“Amazon’s entry into the region reflects the visionary foresight of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, who launched Dubai Internet City in 1999 and adopted the ecommerce and online business legislation of 2002. Furthermore, it reiterates Dubai’s position as a regional and global hub for the world’s biggest and leading organizations, fostering in its ecosystem that amalgamates the brightest minds, talent, thought leaders, entrepreneurs and investors from around the world,” said HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
“Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention, and long-term thinking. SOUQ.com pioneered ecommerce 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,” added Russ Grandinetti, Amazon Senior Vice President, International Consumer.
“We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our ecommerce presence on behalf of customers across the region. By becoming part of the Amazon family, we’ll 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,” said SOUQ.com CEO and Co-Founder Ronaldo Mouchawar.
Subject to closing conditions, the acquisition is expected to close in 2017.