Co-founder of group buying site Cobone leaves firm

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The co-founder of Dubai-based group buying website Cobone has left the firm, it was confirmed to Arabian Business on Wednesday.

The site, which competes with the likes of US-based Groupon, offers daily deals on products and services such as holidays, electronics and restaurants. It was launched in 2010 and currently has around 750,000 subscribers in the region.

Henri Hazoughi, co-founder and regional sales head told Arabian Business via mobile phone that he had left the firm, while declining to say why. Paul Kenny, the site's other co-founder, is said to still be with the firm.

LivingSocial, another group buying website, announced earlier in the summer that it would be pulling out of the Middle East market altogether.

The ecommerce industry in the Middle East is valued at around US$11bn per year.

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