Friday, March 29

Tag: Souq.com

How Middle East Is Performing as a Digital Economy
MIDDLE EAST

How Middle East Is Performing as a Digital Economy

Digital Technology and Internet of Things are deeply transforming businesses and governments in the Middle East and North Africa. Even the World Bank believes that Investment into digital transformation in the major Cities of the Middle East and North Africa region(MENA) can unlock huge potential for the service economy to drive growth and job creation across the region, as announced in its report that came in April 2018. There are a lot of factors that act in the favour of MENA making it particularly well-positioned to take advantage of digital opportunities. A young and tech-savvy population, advanced information and communication technologies, or ICT, infrastructure are some of the key ingredients that act as strong benchmarks for MENA countries such as such as Egypt, Saudi Arabia, a...
Emaar Malls Confirms $800 Million Bid For Souq.com
ACQUISITION

Emaar Malls Confirms $800 Million Bid For Souq.com

Dubai's Emaar Malls, a unit of Emaar Properties, said on Monday it had submitted an $800 million bid for Middle Eastern online retailer Souq.com. The bid has so far not been accepted by Souq.com's shareholders, Emaar Malls said in a bourse statement. Local business magazine Arabian Business had previously reported the bid. Last week, sources familiar with the matter told Reuters that Amazon.com Inc had agreed in principle to buy Souq.com. Amazon declined to comment, and a spokesperson for Souq.com did not respond to a request for comment. Emaar Malls’ bid has so far not been accepted by Souq.com shareholders, the Dubai-listed firm said in a stock exchange announcement on Monday. Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar have to break...