Published on March 28th, 2017 | by Yasser Masood1
Amazon officially acquires SOUQ
We’ve heard this news since late 2016 and it re-emerged recently in the past few weeks. You can calmly rest as the news is official – Amazon is officially acquiring SOUQ.
This will enable SOUQ.com to continue growing while working with them to bring even more products and offerings to customers worldwide. The synergies are obvious, as a globally known online shopping portal now has an official presence in the Middle East region. Tapping into SOUQ’s knowledge and expertise will greatly help in logistics and products being offered, while leveraging a global brand’s distribution and operations.
The deal was sealed between Ronaldo Mouchawar (SOUQ.com CEO and Co-Founder) and Russ Grandinetti (Amazon Senior Vice President, International Consumer). The acquisition is expected to close sometime in 2017. The total value of the deal hasn’t been disclosed, though the news of Emaar Malls making a bid for Souq may have greatly influenced the decision.
Once the acquisition is complete, it will give Middle East users a chance to buy from Amazon’s vast product catalogue (A to Z) through Souq.com, and also gives merchants from the region access to newer markets via Amazon. This will also mean Souq will be expanding their workforce to cater to growing demand.
We can even expect many of Amazon’s other products (Prime, Prime Video, etc.) making a bigger push into the region. Just with their Middle East entry, it would be great to see it rebrand as “Amazon Souq” (Souq does mean market in Arabic, so goes well with the name).