Souq.com Is Being Bought Out By Amazon Which Will Mean Big Things For UAE Shopping

The deal was thought to have fizzled out back in January but reports are saying it’s back on with the deal being signed off today. 

Reports of a deal being worth AED650 million are being circulated, with The National newspaper reporting that the acquisition has been agreed. 

The site hosts more than 8 million products, and 78% of the region’s e-commerce. 

Talks started last year, but it was reported to have been cancelled due to valuation issues. 

It was expected to experience some competition when noon.com launched in the region – home to 20 million products

However the site has yet to open, missing its January expected launch.