E-commerce firm Amazon announced today that it has completed its US$650 million acquisition of Dubai-based competitor Souq.com.
The deal, which was initially announced in March, has now been formally concluded and work has already begun on integration, with customers now able to log into Souq.com using their Amazon account details.
Souq.com said that joining Amazon would allow it to bring more products and services to the region and to expand its "fulfilled by Souq.com" service offering sellers access to a much wider customer base.
Ronaldo Mouchawar, the co-founder and chief executive of Souq.com said: “It is an exhilarating time for the e-commerce industry in the region. Integration of Amazon’s technology and global resources with our local expertise will help us to offer a great service to our loyal customers.”
Amazon.com’s senior vice-president for its international consumer business, Russ Grandinetti, said: “We are excited to be able to provide our customers in the Middle East with the benefit of easy access to Souq.com using their Amazon credentials
“We are working to quickly integrate Souq.com and Amazon capabilities, in terms of both customer experience and fulfilment, to provide an ever-improving shopping experience for customers in the Middle East.”
Souq.com currently stocks more than 8.4 million products across 31 categories and attracts 45 million visits per month. It has localised operations in the UAE, Saudi Arabia and Egypt.
Just before Amazon.com and Souq.com announcing their tie-up in March, a last-minute, $800m bid for Souq.com was submitted by Emaar Malls, the shopping mall division of Emaar Properties, which subsequently bought a 51 per cent stake in online fashion retailer Namshi for $151m.
However, when announcing the acquisition by Amazon, Mr Mouchawar said that Souq.com was "guided by many of the same principles as Amazon" and that the deal provided a critical step in growing its customers base.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
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- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20Profile
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CHATGPT%20ENTERPRISE%20FEATURES
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