Amazon’s Middle East Expansion Reportedly Costs $1 Billion
Having cemented its position as the largest online retailer on the planet, Amazon is now believed to be looking into a possible expansion into the Middle East. Rumor has it that the company is going to acquire Souq.com, often referred to as the Amazon of the Middle East, and that it’s willing to spend up to $1 billion on this purchase. Souq.com is an established online retailer with a presence in some of the most lucrative markets in the Middle East.
By acquiring Souq.com, Amazon will gain access to markets the United Arab Emirates, Egypt, and Saudi Arabia. Whether or not an acquisition will take place remains to be seen because there’s no confirmation or denial as yet from Amazon or Souq.com.
It’s not just Souq.com’s presence in the Middle East that’s going to help Amazon. The company has also developed a new payment system as payment by credit cards is not as common in that part of the world as it is elsewhere. Customers can purchase products by topping up a prepaid card at retail locations by paying cash.
Bloomberg says that the online retailer was actually going to sell at least a 30 percent stake in the company but it may end up selling itself completely to Amazon if the price is right. Souq.com is said to have appointed Goldman Sachs to find a buyer for the company which sells more than 1.5 million products online to customers in the Middle East.
You May Also Like
Popular Right Now
- First Shutdown of Niagara Falls in 12,000 Years: A Rare Sight to Behold
- Former Google Engineer claims that humans will achieve immortality soon
- Romotow: The Foldable Camping Trailer Inspired By A USB Flash Drive
- LYRA: Swiss Startup Unveils AR Smart Glasses for Office Work, City Life, And Traveling
- Man Caught in China Smuggling $46K Worth of Intel CPUs Wrapped Around His Waist
- iPhone 15 Pro Max may bring thinner bezels than Xiaomi and Samsung’s latest flagships
- OpenAI's new GPT-4 with a "human-level performance" scored up to 93% on SAT exams
- iPhone SE 4 could be Apple's secret weapon to 'steal' budget customers from Samsung
- Lenovo Launches New Workstations, With Aston Martin DNA
- Ubergizmo’s Best of Mobile World Congress 2023
- TCL NXTPAPER 11 Tablet With Paper-like Screen Experience
- Nothing Phone 2 Coming To The U.S. In Late 2023
- Ubergizmo’s Best Of K-Startup @ CES
- Intel Core i9-13900T Shows Extraordinary Efficiency In Early Benchmarks
- Ubergizmo’s Top 3 MIK Products @ CES 2023
- Three LG gram Laptops For 2023. The Lightest Got Even Lighter