Amazon has acquired Middle East retailer Souq.com

Advertisement

Jeff Bezos

Getty Images

Amazon founder Jeff Bezos.

Amazom announced on Tuesday that it has agreed to acquire Middle East online retailer Souq.com.

Advertisement

The value of the deal was not disclosed.

Russ Grandinetti, senior vice president of Amazon's international consumer business, said in a statement: "Amazon and SOUQ.com share the same DNA - we're both driven by customers, invention, and long-term thinking.

Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

"SOUQ.com pioneered e-commerce 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."

Souq.com's cofounder, Syrian-born entrepreneur Ronaldo Mouchawar, added: "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."

Advertisement

Reuters reported last week that Amazon had agreed in principle to buy Souq.com, the Dubai-based company which was started 12 years ago by Mouchawar.

Amazon was Souq is the largest online retail platform in the Arab world, according to CNBC.

(Reporting by Alexander Cornwell; Editing by Greg Mahlich)