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Mohamed Alabbar had said the website would launch with up to 20 million products. Karim Sahib / AFP
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Amazon.com’s logo is seen at Amazon Japan’s office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon
Amazon Acquires Souq.com for $650 Million
Jeddah – Negotiations had ended for Amazon to buy Souq.com in a deal worth more than $650 million that will shake up Middle East’s electronic trade by taking 78% of the regional sale. Middle Eastern online retailer Souq.com had been valued at $1 billion in its last...Caption:
Mohamed Alabbar partners to launch a Middle East-specific e-commerce website. (Image: Reuters)
KSA Investing in Region’s Largest E-Commerce Platform
Dubai – The largest e-commerce platform in the Arab region will be launched in January, in a joint venture between Saudi Arabia’s General Investment Authority and a group of Gulf investors. Emaar Properties Chairman Mohamed Alabbar announced on Sunday the launch of a...Caption:
A Saudi man explores a website on his laptop in Riyadh in this file photo taken on February 11, 2014. (Reuters/Faisal Al-Nasser)
Saudi Arabia moves to regulate e-commerce
Dammam, Asharq Al-Awsat—A number of Saudi ministries and official bodies are cooperating to produce new legislation to regulate e-commerce activities in the Kingdom, following a growth in online fraud and money laundering. An official within the Ministry of Commerce...Caption:
A Saudi trader monitors stocks at the Saudi Stock Exchange in Riyadh April 28, 2013. (Reuters/Faisal Al Nasser)