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Amazon has confirmed its deal to purchase Emirati e-commerce site Souq.com, in a move that will make it the Middle East’s largest ecommerce platform.
Amazon did not reveal any terms of the acquisition, but it is understood to be worth more than $650m.
Russ Grandinetti, Amazon senior vice president for international consumer, said:
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.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown prince of Dubai, said the deal for the Dubai-based company “reiterates Dubai’s position as a regional and global hub for the world’s biggest and leading organisations.”
Read more from the FT’s Simeon Kerr in Dubai: