"We always dreamed of combining technology with trade to give the Arab world a way to trade online. 12 years ago, we started SOUQ.com to bring you the best e-commerce solution in our region. Our basic principle was and still remains – channeling the power of technology to connect more people to more products – unlocking possibilities, improving quality of life across our region and delivering the best online shopping experience for our customers." said Ronaldo Mouchawar, CEO of SOUQ.com in a statement.
This is not the first time that Amazon had tried to acquire SOUQ.com as earlier in 2017 they failed with their $650 million bid for the 12 years old Middle-East online retailer. This time around Amazon's bid beat an $809 million bid for SOUQ.com by Emaar Malls PJSC.
"Joining the Amazon family will enable us to drive further growth, benefit from their technological investment, offer an even wider product selection through worldwide sourcing, deliver an enhanced customer service experience, as well as continue Amazon's great track record of empowering sellers locally and globally." said Mouchawar. "This is a milestone for the online shopping space in the region. As we take this next step in the journey with Amazon, our customers will remain our key focus and we will continue to deliver a seamless online shopping experience."
South Africa's Naspers owned 36% of SOUQ.com.
This seems to be a good purchase for Amazon as it enables them to expand into new markets under an already established brand in the region.