International online giant Amazon has won the bid to acquire the Middle Eastern online retailer Souq.com.

As reported by Apex Insight earlier this week there had been rumours surrounding the deal and a late counter bid from a Dubai based rival.

In a statement Russ Grandinetti, Amazon Senior Vice President, International Consumer, said: “Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention, and long-term thinking.

“SOUQ.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We’re looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the Middle East.”

Reports of Amazon’s intention to buy SOUQ.com were circulating last week, but Amazon did not confirm the news until today, once it had confirmed the deal. Although Dubai-based Emaar Malls is understood to have submitted a counter-offer, it seems that SOUQ.com choose to go with the Seattle-based giant.

Commenting on the tie-up with Amazon, SOUQ.com CEO and Co-Founder Ronaldo Mouchawar, said: “By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers.”

The deal will open the doors for Amazon to the Middle East with its different culture and ways of doing business. Amazon’s purchase of Souq.com will be a significant step into this market for the online giant.  
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