Amazon Completes Acquisition Of

Amazon has completed its acquisition of, the Middle Eastern ecommerce platform. Whilst the cost of the deal has not been revealed by either company, it is estimated to be worth around 650 million US dollars. The two companies now plan to integrate each other's products and services between the two sites. After the deal was confirmed, Souq said in a statement that it was an “exhilarating time for the ecommerce industry in the region”, adding that it aimed to work with Amazon to offer wider product selection, improved prices and improved logistics services. Prior to the deal, Souq boasted 45 million visitors per month and nearly 8 and a half million products, available in various Middle Eastern countries. The deal will help Amazon develop a significant presence in this new market.