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Souq.com
Souq Logo Primary EN.svg
Screenshot
Souq screenshot.jpg
Type of businessSubsidiary
Founded25 October 2005
(15 years ago)
 (2005-10-25)
HeadquartersDubai, UAE
Area servedArab world
Founder(s)Ronaldo Mouchawar
Key peopleRonaldo Mouchawar (CEO)
Asif Keshodia (Group CFO)
Wisam Daoud (CTO/COO)
IndustryInternet
ServicesE-commerce
(online shopping)
Employees3,000
Parent
URLwww.souq.com

Souq.com is an English-Arabic language e-commerce platform, owned by Amazon, Inc.[2] It is the largest e-commerce platform in the Arab world.[3] On March 28, 2017, Amazon.com Inc. confirmed it would be acquiring Souq.com for $580 million.[4] On May 1, 2019, Souq.com UAE became known as Amazon.ae,[5] also on June 17, 2020, Souq.com KSA became known as Amazon.sa,[6] while the Egyptian site continues operating under the Souq.com brand.

History[edit]

The website was founded in 2005[7][8] by Ronaldo Mouchawar and was originally a consumer to consumer auction site part of Maktoob Group.[7][9] In 2010, Wisam (Sam) Daoud joined Souq from eBay as Chief Technology Officer and led the transformation of the business from auctions to a fixed price catalog based business similar to Amazon.com.[10] In late 2012 Asif Keshodia joined as CFO on the heel of Souq's first major funding round led by Cape Town, South Africa-based Naspers and NYC hedge fund Tiger Global Management.[11]

In March 2014, Naspers invested another $75 million in the company,[12][13] bringing to $150 million the total Souq.com raised since its inception, the largest amount raised by any internet-based business in the Middle East.[13][10]

The company was backed by Tiger Global Management and Naspers Ltd. as of 2015, among other companies, and headquartered in Dubai.[13] In October 2015, it was reported that in a round of fundraising, the company was valued at around $1 billion. At the time, it had around 10 million visitors monthly in the 2nd place after Digikala by 51 million visitors monthly.[13]

On March 27, 2017, Emaar Malls, described by the BBC as "the operator of Dubai's biggest mall," made an offer for Souq of $800 million.[7] On March 28, 2017, Amazon.com Inc. confirmed it would be acquiring Souq.com for an unknown value.[7][14] A source told The Wall Street Journal the deal was worth around $700 million., [14] while the Financial Times reported that the deal was "understood to be worth more than $650m".[15] The BBC also reported that Amazon might be paying about $650 million.[7] The deal was expcted to be completed later in 2017.[7]

With the acquisition, Souq.com is now a subsidiary of Amazon, acting as Amazon's arm into the Arab world. In May 2019 Souq.com UAE became Amazon.ae, in September of the same year Amazon launched the Amazon DSP in the UAE and in June 2020 Souq.com KSA become amazon.sa.[citation needed]

Overview[edit]

As of March 2017, it sold over 8.4 million products in 31 categories, including "consumer electronics, fashion, health and beauty, household goods and baby."[7] It also had around 45 million visits per month.[7] It was the largest e-commerce platform in the Arab world as of 2016,[3] often described as the Amazon of the Middle East.[2] As of 2014, the site delivered to the United Arab Emirates, Saudi Arabia, Kuwait, Egypt, Bahrain, Oman, and Qatar.[12]

As of March 2017, Souq.com has localized operations in Saudi Arabia, United Arab Emirates and Egypt,[7] which as of 2014 equated to semi-automated modern fulfillment centers in the United Arab Emirates, Saudi Arabia, Kuwait, and Egypt, measuring a total of 35,000 square meters. At the time the company employed around 2,500 employees in engineering, retail, customer support, fulfillment and last mile delivery sections.[12]

Souq.com subsidiaries[edit]

As of January 2018, Souq.com subsidiaries include their delivery arm - QExpress, payment platform - Payfort which became Amazon Pay in Dec 2020,[16] repair and service marketplace - Helpbit, and delivery marketplace Wing.[17]

See also[edit]

References[edit]

  1. ^ Lunden, Ingrid (March 28, 2017). "Amazon confirms acquisition of Souq, marking its move into the Middle East". TechCrunch. Retrieved April 3, 2017.
  2. ^ a b Montini, Laura (8 June 2015). "Meet Souq, the Amazon of the Middle East". Inc.com. Retrieved 21 July 2016.
  3. ^ a b "About us | Souq.com". uae.souq.com. Retrieved 2016-02-11.
  4. ^ "Amazon 10-Q filing".
  5. ^ "Amazon officially launches in UAE, replaces Souq.com".
  6. ^ "Souq becomes Amazon.sa in Saudi Arabia". The National. Retrieved 2020-06-21.
  7. ^ a b c d e f g h i "Amazon to buy Middle East online retailer Souq". BBC News. 28 March 2017.
  8. ^ "Souq.com's revenue, funding, news & more | PipeCandy". pipecandy.com. Retrieved 2017-10-27.
  9. ^ Attwood, Ed (5 April 2014). "Ronaldo Mouchawar: How I created Souq.com". ArabianBusiness.com. Retrieved 21 July 2016.
  10. ^ a b Sambidge, Andy (24 March 2014). "Dubai's Souq.com secures $75m funding boost". ArabianBusiness.com. Retrieved 21 July 2016.
  11. ^ "2012 Funding Round".
  12. ^ a b c Jones, Rory (24 March 2014). "Souq.com, Dubai-Based E-Commerce Site, Raises $75 Million". The Wall Street Journal Blogs. Retrieved 25 October 2015.
  13. ^ a b c d Nair, Dinesh (14 April 2015). "Tiger-Backed Souq.com Said Worth $1 Billion in Fundraising". Bloomberg. Retrieved 25 October 2015.
  14. ^ a b Parasie, Nicolas (March 28, 2017). "Amazon to Buy Middle East E-Commerce Site Souq.com". The Wall Street Journal. New York. Retrieved March 30, 2017.
  15. ^ Megaw, Nicholas (March 28, 2017). "Amazon confirms Souq takeover in deal to dominate Middle East". Financial Times. Retrieved April 3, 2017.
  16. ^ https://thepaypers.com/online-payments/payfort-becomes-amazon-payment-services-across-mena--1246236
  17. ^ "Souq acquires Wing". Archived from the original on 2020-08-07. Retrieved 2018-02-23.

Why did souq.com call Black Friday with White Friday?

Further reading[edit]

External links[edit]