Monday, March 27, 2017

Amazon Challenged By Emaar Malls For Souq.com

Seattle-based Amazon.com is facing some stiff competition for Middle Eastern online seller Souq.com, as some local competition--Dubai-based Emaar Malls--has offered up a competing, $800M offer for Souq. According to multiple reports, Emaar Malls' offer of $800M is much higher than the estimated $580M to $650M that Amazon is reportedly offering for Souq. Emaar Malls is known for its fancy, high-end shopping centers across the Middle East. Emaar Malls is owned by Dubai bilionaire Mohamed Alabbar.