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Dubai Co. Says Sale to Amazon Completed

Dubai Co. Says Sale to Amazon CompletedDubai 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.

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