Amazon.com has agreed to buy Souq.com, one of the best-known names in the Middle East’s online shopping market. Photo: ReutersDubai: Amazon.com Inc. has agreed in principle to buy Dubai-based Internet retailer Souq.com, one of the best-known names in the Middle East’s online shopping market, people familiar with the deal said on Wednesday. For Amazon, Souq.com offers expertise and a foothold in a region where e-commerce is expanding quickly thanks to a young and tech-savvy population. Amazon declined to comment, and a spokesperson for Souq.com did not immediately respond to a request for comment. Interest is growing in the region’s e-commerce market, estimated to be worth $20 billion in 2016.

Source: Mint March 22, 2017 22:41 UTC