March 2017

Amazon to Acquire Dubai-Based Startups


Image Source: Arabian Business - http://pr.souq.com/147415-amazon-to-acquire-souq-com

Amazon.com- the American e-commerce and cloud computing giant- announced last week that it has reached an agreement to acquire two Dubai-based enterprises- SOUQ.com and PayFort- for an undisclosed amount.

This announcement marks Amazon’s first foray into the Middle East, and the news of an acquisition of this size and fortitude has long been awaited by investors and digital entrepreneurs in the region.

SOUQ.com has pioneered the e-commerce industry in the Middle East, creating a smart, homegrown, seamless, efficient, and safe digital shopping experience for all their customers. At present, SOUQ.com employs over 3,000 people, lists more than 400,000 products in their inventory from over 75,000 different merchants, and claims 23 million online visits a month.

Through this strategic move, SOUQ.com will gain a larger (and more global) supply offering, and will have access to newer and better technologies from around the world to allow for shortened delivery times- making customers across Dubai and the region happier and better equipped, and empowering merchants.

As part of the deal, Amazon.com have also agreed to acquire PayFort- the payment platform for SOUQ.com since its inception. PayFort works to ensure the safety and security of online payment transactions in the region, providing a seamless experience for both buyers and sellers. In addition to its ties with SOUQ.com, PayFort has served as the payment platform for many e-commerce players in the region such as Dubizzle.com, Landmark, BEIN Sports, Air Arabia, and Talabat.com.

These private sector initiatives have gone over and above to deliver quality, convenience, happiness, and security to their customers over the years, and we look forward to seeing how Amazon.com’s entry into the region will boost their success and inspire other e-commerce enterprises to be a part of Dubai’s smart city transformation.

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