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March 30th Business & Economy Current Affairs

Amazon Enters UAE Market by Acquiring Souq.com

  • e-commerce giant Amazon had made entry into United Arab Emirates by acquiring Souq.com. The United States Amazon is expanding its operations into Arab world by acquiring the local ecommerce company.
  • Both the companies have officially made agreement but, did not disclose any details of the deal.
  • Market analysts have estimated that the deal could close between $650 million and $1billion.
  • This deal brings Amazon to the fast growing markets in the world and comprehensive products in the world. Souq.com is the Dubai-based company with wide range of products of over 40,000 ranging from fashion, households, electronics and various other products.

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