Amazon has reached an agreement to acquire Middle Eastern ecommerce business Souq.com for an undisclosed amount.
Souq.com is the largest online retail and marketplace platform in the Arab world, offering more than 8.4 million products across 31 categories, including fashion. The platform attracts more than 45 million visits per month and has localised operations in Saudi Arabia, UAE and Egypt.
The acquisition is expected to complete this year, subject to closing conditions.
Russ Grandinetti, senior vice president for international consumers at Amazon, said Souq.com pioneered ecommerce in the Middle East and Amazon plans to learn from and support the firm with technology and resources.
“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,” added Souq.com chief executive and co-Founder Ronaldo Mouchawar.
“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.”