Dubai Co. Says Sale to Amazon Completed
Dubai Co. Says Sale to Amazon Completed

Dubai Co. Says Sale to Amazon Completed

Dubai Co. Says Sale to Amazon Completed

Dubai-based Souq.com, the United Arab Emirates’ biggest online retailer, says its sale to US-based Amazon has been completed. Souq.com said on Monday that users now could log into their website using their Amazon account, according to a report by the Associated Press. 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 customers even faster.” No price has been discussed for the deal, first announced in March. However, Dubai’s state-backed Emaar Malls PJSC announced it made an $800-million bid for Souq.com in a filing on the Dubai financial market just before Amazon closed its deal. Souq.com’s reputation for paying vendors is less than perfect, and with the new Amazon deal and unknown cash injection, the service may get a new lease of life. In buying Souq.com, Seattle-based Amazon will leapfrog into the crucial Mideast markets of Egypt, the UAE and Saudi Arabia, where the retailer already has local operations.

Short URL : https://goo.gl/jFw1Km
  1. https://goo.gl/jggRqS
  • https://goo.gl/wazhxm
  • https://goo.gl/Vmw36T
  • https://goo.gl/JUj3HR
  • https://goo.gl/vEniHA

You can also read ...

The share of Iranian railroads in steel transportation is one-third.
There were high hopes for the Iranian mining industry after...
To moderate bank interest rates, the central bank has established links with the Securities and Exchange Organization.
CBI Governor Valiollah Seif has named the newly-formed cordial...
Interbank Transactions Top $800 Billion
Iranian interbank transactions during the fiscal year to March...
New Veep for Economic Affairs
President Hassan Rouhani appointed Mohammad Nahavandian as his...
Amazon, Ebay Purchases Via Third Party Website
A payment facilitation website called ‘Laklak’  (meaning stork...
Tehran to Host 1st Int’l Halal Confab in December
The First International Halal Conference is scheduled to be...
Carpet Exports Exceed $70m in 3 Months
Around $74 million worth of machine-woven carpets were...
Computer Algorithm Maps Brain for First Time
A US research team for the first time has developed a computer...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.