Amazon has reportedly agreed to acquire 100% of Dubai based online retailer Souq.com, after it had walked away from the deal in January 2017. Souq.com, which secured funds of USD275mn in February 2016, was initially valued at cUSD1bn. It sells more than 1.5mn products online to customers in the UAE, Egypt and Saudi Arabia and currently commands 78% of all e-commerce traffic in the MENA region. The agreement is yet to be confirmed by either party and the value of the deal is yet to be disclosed.
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