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Amazon.com buoyed by Middle East deal
Shares in Amazon (NASDAQ:AMZN) nudged higher after it confirmed it as buying Souq.com – the Middle East’s largest online retailer.
It marks the first move by the US retailer into the region.
Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention, and long-term thinking,” colorfully said Russ Grandinetti, Amazon’s senior vice president of international consumer.
”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.”
Souq was launched over a decade ago and offers more than 8.4mln products. It sells various categories including consumer electronics, fashion, health and beauty.
Today, SOUQ.com attracts over 45 million visits per month, with localized operations in the KSA, UAE and Egypt.
Amazon shares added 0.64% in pre-market to stand at $852.20.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175551/amazoncom-buoyed-by-middle-east-deal-175551.html
