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In its bid for world domination, Amazon buys up main competition in the Middle East

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Amazon has officially announced its acquisition of Souq.com, marking another step in the ecommerce giant’s pursuit of world domination. 

Souq.com, which at one time was valued at $1 billion, emerged as the go-to online shopping destination in the Middle East, quickly drawing comparisons to Amazon. Founded in Dubai, UAE, Souq reportedly sold to Amazon for $650 million.

Amazon had competition. Emaar Malls, a Dubai-based operator of shopping centers, submitted an $800 million bid for Souq.

We’re happy & proud to join @amazon family @HamdanMohammed 🙂 https://t.co/yYVrv4svWi

— Souq.com UAE (@souq) March 28, 2017 Read more…

More about Business, Middle East, Ecommerce, Amazon, and Business

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