In the last quarter of 2016, we heard the amazing news that Souq.com might be taken over by online retail giant Amazon. If that wasn’t news enough, the acquisition amount was stated as close to $1 billion (Dh3.675 billion). Unfortunately, earlier this year, the deal fell through and our dreams of drone deliveries fell with it.
After the deal fell through, the e-commerce business was said to have turned to local buyers, with the likes of the Majid Al Futtaim Group said to be involved. But it looks like Amazon is back in the race to make its presence felt in the region.
Souq.com is one of the first e-commerce websites in the UAE and sells a few million products online to customers in countries including the UAE, Egypt and Saudi Arabia. The products span a multitude of categories, from books to electronics, clothes and even groceries.
This acquisition by Amazon could bring a major shift in how online business is conducted in the region. The potential for e-commerce will increase manifold with the introduction of the online giant in the region.
The amount of this deal this time could also be a large sum, but is still being speculated. According to Lovindubai.com, the amount is more in the region of $650 million. If all goes according to plan, the deal may be signed today.