Amazon agrees to buy online retailer in the Middle East

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Amazon has made an agreement to buy an online retailer in the Middle East, it’s known as Souq.com.

Souq was launched back in 2005, it sells a huge variety of products.

It also sells across 31 categories, this includes consumer electronics, fashion, health and beauty, household goods and baby.

Amazon senior vice-president Russ Grandinetti, said: “Amazon and Souq share the same DNA. We’re driven by customers, invention and long-term thinking,”

Souq has more than 45 million visits per month, it also has localised operations in Saudi Arabia, United Arab Emirates and Egypt.

Souq chief executive and co-founder Ronaldo Mouchawar said: “We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region.”

The deal should be completed later on in the year.

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