Amazon To Acquire Middle East-Based SOUQ.com

Amazon has reached an agreement to acquire SOUQ.com, an e-commerce leader in the Middle East.

According to Amazon officials, the acquisition will enable SOUQ.com to continue growing while working with Amazon to bring more products and offerings to customers worldwide.

“Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon senior vp/International Consumer. “SOUQ.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers.”

Ronaldo Mouchawar, SOUQ.com CEO and co-founder, said his company is guided by many of the same principles as Amazon and this acquisition is a critical next step in growing its e-commerce presence in the Middle East.

“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,” he said.

Subject to closing conditions, the acquisition is expected to close in 2017.