KuwaitPR.com, Online Press Release from Kuwait
 
Money, Business & Investments(Banking & Investments)
Filter PR by
  
Amazon to Acquire SOUQ.com
Amazon to Acquire SOUQ.com

Dubai, UAE, March 29, 2017:  Amazon (AMZN) today announced that it has reached an agreement to acquire SOUQ.com, an e-commerce leader in the Middle East. Joining the Amazon family will enable SOUQ.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide.

“Amazon’s entry into the region reflects the visionary foresight of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, who launched Dubai Internet City in 1999 and adopted the e-commerce and online business legislation of 2002,' said His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. 'Furthermore, it reiterates Dubai’s position as a regional and global hub for the world’s biggest and leading organizations, fostering in its ecosystem that amalgamates the brightest minds, talent, thought leaders, entrepreneurs and investors from around the world.”

'Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon Senior Vice President, International Consumer. 'SOUQ.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We're looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the Middle East.'

'We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region,' said SOUQ.com CEO and Co-Founder Ronaldo Mouchawar. 'By becoming part of the Amazon family, we'll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon's great track record of empowering sellers.'

Subject to closing conditions, the acquisition is expected to close in 2017.

Posted by : Kuwait PR Network Editorial Team
Viewed 55888 times
PR Category : Banking & Investments
Posted on : Wednesday, March 29, 2017  10:24:00 AM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Italian Wonder D1 Milano Announces New Releases at Baselworld 2019 [13534-Views]
THE RECIPE for healthy skin [13436-Views]
NEW OLAY WHIPS: Powerful Skincare, NOW Light as Air [12763-Views]
Invictus & Olympéa Chapter 2: Enter the Legend [12616-Views]
Cerruti 1881 [12111-Views]
Esposa Prive - Viktor&Rolf Mariage - Spring/Summer 2019 [11611-Views]
Juliette has a gun's New Vanilla Vibes Perfume, a hymn to Adventure and Freedom, now in the UAE [11496-Views]
Dabur Amla Kids – Natural nourishment for your child's hair [11234-Views]
OPPO confirms 10x Hybrid Zoom tech to launch in Middle East [11156-Views]
The World of Aigner [11103-Views]
Spring Collection 2019 - Versus Mouffetard [10254-Views]
Michael Kors Watches | Summer 2019 [10242-Views]
Longchamp X Nendo A “!” Moment Around Le Pliage® [10115-Views]
Translucent Is a Distinguished Milestone for Police [10070-Views]
Saint Honore Paris [9803-Views]
Chaumet Launches The Bolero Watch [9643-Views]
The RL50 Handbag: Introducing a New Icon [9135-Views]
Chloé Launches The New Spring/summer 2019 Advertising Campaign Featuring Two Iconic “rosie” Style Su... [8311-Views]
Cerruti 1881 launches a splendid new collection for the festive season [8216-Views]
Celebrate with the new AIGNER Ramadan collection [8110-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories