Could Amazon be nearing global domination with Souq.com acquisition?

By Lulu Chang November 27, 2016

amazon prime cyber monday — Image used with permission by copyright holder

Now that it’s selling just about everything in the world (from Fiat Chryslers to its own fashion brand), it wants to be everywhere in the world, too. As per a new report from Bloomberg, Amazon is in negotiations to acquired Souq.com FZ, a Dubai-based ecommerce giant. This would allow for the Seattle-based online marketplace to establish “a footprint in the high-growth Middle East market,” Bloomberg’s sources noted. And it will set the company back around $1 billion.

While Souq.com reportedly wanted to sell just a stake in the company (starting at around 30 percent), those familiar with the proceedings told Bloomberg that Amazon is now looking into buying the entire site. That said, nothing has yet been finalized, and there remains a chance that the negotiations could fall through. Neither Souq.com nor Amazon have responded to interview requests or further questions.

Recommended Videos

Currently, Souq.com has an online trove of more than 1.5 million products for its customers to peruse and purchase, and it rather recently obtained $275 million in funding. At that point, Souq.com’s Chief Executive Office Ronaldo Mouchawar noted that the company might be looking into an initial public offering in the future, though those plans would seem to have changed, should the rumors regarding Amazon’s buyout be true.

The move would certainly help Jeff Bezos and his company establish a presence in key and emerging markets like Egypt, Saudi Arabia, and the UAE. But there are challenges to overcome in these countries — for example, because consumers in the Middle East don’t always have credit cards on hand, many of their online purchases must be made using prepaid cards sold at physical stores. And whereas Amazon has warehouses all across the U.S. that make for easy two-day delivery, the same isn’t true in that region of the world.

All the same, we’ll just have to wait and see whether Souq.com becomes the latest member of the burgeoning Amazon family.

Topics

Former Digital Trends Contributor

Fascinated by the effects of technology on human interaction, Lulu believes that if her parents can use your new app…

Business

Intuit QuickBooks summer savings have us excited for bookkeeping and more

Intuit QuickBooks Online and Payroll Indepence Day deals used by business owner

Being honest, accounting, bookkeeping, and various administrative tasks aren't exactly what most people would call exciting, even if they own a business. It's something you have to do, but not that you necessarily want to do. But you absolutely have to stay on top of it; otherwise, things could get out of hand later, like when you're filing taxes or trying to calculate expenses. As a leader in small business fintech, Intuit QuickBooks is helping over 7 million customers worldwide do precisely that. From a startup to scaling up, the Intuit QuickBooks ecosystem delivers products and services that are a core component of small business growth. Accounting, payroll, payments, capital, and even marketing assistance via Mailchimp are just a few examples of what you can expect from a QuickBooks subscription. Thanks to its current Summer Sale, you can save a never-before-seen 70% off Intuit QuickBooks plans. That offer and these prices excite us for something that, typically, wouldn't be considered exciting.

These Intuit QuickBooks Summer Savings are unprecedented
This is the first time we've ever seen prices this low, and it may actually be the only time it happens. Time will tell, but the point is that you can save big on QuickBooks plans that you need for your business. The deal offers 70% off QuickBooks Online for your first three months. With Simple Start -- the base plan -- you get your first three months for just $9 per month instead of $30. That saves you $21 monthly for $63 across your initial three months of service. By comparison, the Essentials tier is only $18 per month instead of $60, and the Plus tier is only $27 per month instead of $90. If you want to splurge and go with Advanced, it's only $60 monthly for your first three months instead of $20h. Those are some incredible savings.

Branded Content

Grammarly should be your next AI writing partner for all things text

Grammarly-featured-image-with-creative

Not everyone is a writer, and that's okay. However, we do a lot of writing throughout our lives, from essays and school papers to dissertations, work reports, letters, emails, and beyond. Even with the advent of digital platforms, there's still a lot of writing to be done. But some tools can help significantly, like Grammarly.

Despite what the name espouses, Grammarly helps you with a whole lot more than just basic writing structure and grammar. That's thanks to an integrated AI writing assistant that can enhance your writing skills and improve the quality of the content you create. You'll get real-time suggestions about grammar, spelling errors, punctuation, and style. Ultimately, that leads to better writing from you with the complete confidence and clarity of a skilled artisan. Let's take a closer look at what Grammarly has to offer, well, everyone.

Computing

What is Microsoft Teams? How to use the collaboration app

A close-up of someone using Microsoft Teams on a laptop for a videoconference.

Online team collaboration is the new norm as companies spread their workforce across the globe. Gone are the days of primarily relying on group emails, as teams can now work together in real time using an instant chat-style interface, no matter where they are.

Using Microsoft Teams affords video conferencing, real-time discussions, document sharing and editing, and more for companies and corporations. It's one of many collaboration tools designed to bring company workers together in an online space. It’s not designed for communicating with family and friends, but for colleagues and clients.