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Amazon plans $1 billion push for Middle East dominance

Amazon is buying the 'Amazon of the Middle East', Souq.com for $1 billion
By: Anthony Garreffa | Business, Financial & Legal News | Posted: 5 days, 21 hours ago

Amazon is looking to extend its retail dominance into the Middle East with the rumors that it will be acquiring Souq.com, which some call the Amazon of the Middle East.

 

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Bloomberg is reporting that Amazon will be making the $1 billion deal that would give it a large presence in the Middle East, in countries like Egypt, Saudi Arabia, and the UAE. Souq has been doing good things in the Middle East, overcoming issues we overlook in the US and around the world, like having to develop a new payment platform for a part of the world where credit cards aren't everywhere.

 

This means people can shop for products on Souq with prepaid cards sold at brick-and-mortar retail stores, topping them up when they need to. The other issue that needs to be considered is logistics, which is something that Amazon knows a little about - so I guess that means we can expect drones flying around in a country that doesn't have tight laws pressed on them like the FAA do in the US.

NEWS SOURCES:Engadget.com

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