Amazon makes entry in UAE by acquiring Souq.com

US based e commerce giant Amazon has made its entry in United Arab Emirates (UAE) by acquiring Souq.com. The deal’s specific value was not disclosed but according to analysts it is estimated anywhere between $650 million to $1billion. This acquisition brings Amazon into a fast-growing market as it expands into a wide range of services. Souq.com is based in Dubai and is the largest e-commerce platform in the Arab world offering more than 400,000 products such as consumer electronics, fashion products, and household goods.

Month: Current Affairs - March, 2017