Amazon will acquire Souq.com, an e-commerce company in the Middle East. The acquisition is expected to be finalized this year. Souq.com offers more than 8.4 million products across 31 categories and attracts more than 45 million visits per month, with operations in Saudi Arabia, United Arab Emirates and Egypt.
"Amazon and Souq.com share the same DNA--we're both driven by customers, invention and long-term thinking,” said Russ Grandinetti, Amazon senior v-p, international consumer. "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 CEO and co-founder Ronaldo Mouchawar commented: "We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce 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."
Mouchawar told Reuters that Amazon "is a great fit with us. We have a lot of common values and it is all about innovation, technology and the type of customer experience and thinking that Amazon has.... We will continue to invest in our segment and grow our markets." After the deal is closed, Middle East consumers "will be able to buy products available on Amazon.com through Souq.com, and Middle East merchants will have access to a wider market via Amazon's network," Reuters noted.