Font Size

- Aa +

Thu 24 Nov 2016 04:14 PM

Font Size

- Aa +

Amazon said to be in talks to buy Dubai's Souq.com for $1bn

People close to the talks say US e-commerce giant is looking to get footing in the high-growth Middle East market

Amazon said to be in talks to buy Dubai's Souq.com for $1bn
(Getty Images)

Amazon.com Inc is reportedly in talks to acquire Dubai-based online retailer Souq.com for about $1 billion, it was reported on Thursday.

Bloomberg reported that the deal will give the US-based e-commerce giant a footprint in the high-growth Middle East market, citing people familiar with the matter.

It said Amazon is considering a bid for all of the site, which had initially planned to sell a stake of at least 30 percent.

No final agreements have been reached and negotiations could still falter, Bloomberg added.

A spokesman for Souq.com declined to comment while a representative for Amazon didn’t respond, Bloomberg reported.

In September, it was reported that Souq.com, the largest online retailer in the Middle East, was reportedly planning to sell a stake of 30 percent and had appointed advisers at Goldman Sachs Group to find buyers for the stake.

In February, Souq.com announced it had completed a funding round of more than AED1 billion ($275 million), the largest financing of an e-commerce business in the region.

Established in 2005, Souq.com sells more than 400,000 products online to customers in the UAE, Egypt, Kuwait and Saudi Arabia.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.