Amazon Negotiates To Acquire E-commerce Site Souq.com In An Exit That Might Be The Largest In The History Of Arab Internet
E-commerce is booming in the Arab world, as we have many companies and startups running e-commerce businesses. However the leader in that space is souq.com.
According to sources for to Arabic tech blog one has, Amazon is currently negotiating an acquisition deal with souq.com.
Souq.com started as an auction site like ebay around 2005 and then switched into e-commerce model with large scale warehouses plus a market place which enables any business to sell its products online.
The site has more than 200,000 products in almost all categories like Amazon and has 8 million visitors monthly.
Souq.com was part of Maktoob but become part of Jabbar group a spin off from Maktoob after Yahoo’s acquisition in 2009. Which had several companies which were not included in Maktoob acquisition deal. Then souq.com got an investment rumored in millions of Dollars from a south african investment company and become separate from Jabbar group which is founded by Maktoob founders.
One Has sources say that the deal might be bigger than that of Maktoob which was around 180 million dollars. Souq.com’s CEO is Syrian citizen Ronaldo Mouchawar.
ArabCrunch contacted Ronaldo Mouchawar and he send the following: “First as a news we did release a PR on mobile Apps, I think it’s worth covering, As a company policy, we do not comment on any speculation or rumors. We continue to break new grounds in the region, our growth has been rapid. We love the Arab world, and we have a clear commitment to our home markets, our customers, and shareholders..”