Latest in Gear

Image credit:

Amazon will spend $1 billion to conquer the Middle East

By buying local e-commerce giant Souq.com.
Daniel Cooper, @danielwcooper
November 25, 2016
Share
Tweet
Share

Sponsored Links

Ted S. Warren / AP

Amazon is one of the world's largest retail destinations, but it doesn't have much traction in the Middle East. That's why rumors that it's looking to buy Souq.com, the Amazon of the Middle East, make so much sense. Bloomberg is reporting that Jeff Bezos and crew might spend up to $1 billion on the site to gain a foothold across Egypt, Saudi Arabia and the UAE. Neither party is talking about the deal, but if it's getting reported in an august financial publication like Bloomberg then it must be serious.

Souq has looked to solve challenges that aren't so prominent in the US and other countries where Amazon is dominant. Inc. profiled the company a few months ago, revealing that the retailer had to develop a new payment platform for a region where credit cards aren't ubiquitous. So, users are able to shop for products by topping up a prepaid card available at various brick-and-mortar retail outlets. Another issue is logistics, since some regions don't have as sophisticated delivery services as others -- but perhaps that's something that Amazon can help with.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
Tweet
Share

Popular on Engadget

Engadget's 2020 Back-to-School Guide

Engadget's 2020 Back-to-School Guide

View
Xiaomi unveils a ridiculous see-through TV

Xiaomi unveils a ridiculous see-through TV

View
‘Red Dead Online’ is so broken it’s hilarious

‘Red Dead Online’ is so broken it’s hilarious

View
'Halo Infinite' will not be an Xbox Series X launch title

'Halo Infinite' will not be an Xbox Series X launch title

View
Will QLC SSDs make hard drives extinct?

Will QLC SSDs make hard drives extinct?

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr