Amazon to Buy Dubai’s Souq.com in $1 Billion Deal to Expand in Middle East

Amazon plans buying Souq

Jeff Bezos and crew might spend up to $1 billion on the site to gain a foothold across Egypt, Saudi Arabia and the UAE. Amazon is one of the world most famous ecommerce sites and have million of users but it doesn’t have much traction in the Middle East. According a new report the company is planning to buy Souq.com.

Till now Amazon hasn’t mentioned anything about the deal, but it’s reported in financial publication like Bloomberg then it must be serious.

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Company is expecting from Souq to solve challenges that aren’t so prominent in the US and other countries where Amazon is dominant. A few months ago, retailer had to develop a new payment platform for a region where credit cards aren’t ubiquitous. So, users can buy products by topping up a prepaid card available at various brick-and-mortar retail outlets. Another issue is related to delivery of products. Some regions don’t have as sophisticated delivery services as others but perhaps that’s something that Amazon can help with.

 Source: Bloomberg

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