Amazon buys Souq.com, Middle East's biggest online retailer - Spokane, North Idaho News & Weather KHQ.com

Amazon buys Souq.com, Middle East's biggest online retailer

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DUBAI, United Arab Emirates (AP) - The Middle East's biggest online retailer Souq.com has been bought by Amazon for an undisclosed amount, a day after a counteroffer of $800 million from the operator of Dubai's biggest mall became public.
    
Souq.com and Amazon issued a joint statement on Tuesday in Dubai announcing the sale, saying it represents Amazon's entry into the Middle East.
    
The statement says the acquisition is expected to close in 2017, without elaborating.
    
A filing Monday by Emaar Malls PJSC on the Dubai Financial Market showed the mall operator offered $800 million for the site.
    
Seattle-based Amazon.com Inc. confirmed the sale in a separate statement, without elaborating on terms.
    
Emaar Mall's bid for the site comes after Emaar chairman Mohamed Alabbar reportedly met in November with Amazon CEO Jeff Bezos in Dubai Mall.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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