Skip to main content
BoF Logo

Agenda-setting intelligence, analysis and advice for the global fashion community.

The Business of Fashion
Retail

Report: Amazon to Buy Middle East's Souq.com

Souq.com, which sells consumer electronics, fashion, household items and other goods, is one of the most high-profile names in the Middle East's online shopping market.
Source: Souq.com
By
  • Reuters

DUBAI, United Arab Emirates — Amazon.com Inc has agreed in principle to buy 100 percent of Dubai-based online retailer Souq.com from its shareholders, sources familiar with the deal told Reuters on Wednesday.

Amazon declined to comment and a spokesperson for Souq.com did not immediately respond to a request for comment.

Goldman Sachs acted as adviser for Souq.com and helped to arrange the deal, two of the sources said.

Souq.com, which sells consumer electronics, fashion, household items and other goods, is one of the most high-profile names in the Middle East's online shopping market.

ADVERTISEMENT

The sources didn't disclose the price Amazon and Souq.com have agreed on for the deal.

The Middle East's technology sector, including e-commerce, is expanding quickly due to the region's young and tech-savvy population. Kuwait, Saudi Arabia and the United Arab Emirates are in the top seven worldwide for mobile phone penetration.

Last year Souq.com raised $275 million from a funding round with investors to support its future growth. Investors participating in that funding round included Tiger Global Management, Naspers, Standard Chartered Private Equity, International Finance Corporation and Baillie Gifford.

By Tom Arnold and Hadeel Al Sayegh, writing by Andrew Torchia; editor: Greg Mahlich.
In This Article
Topics
Organisations
Location

© 2026 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

The New Reality of Shipping to Saks

While $1.75 billion in court-approved funding has brought labels back to the fold, the real test for vendors will come when that temporary safety net vanishes later this year.

The Step-by-Step Guide to Brand Elevation | Case Study

A growing number of mass and premium brands are pushing upmarket with a more luxe look, better materials and, often, higher prices. This case study unpacks how these labels are navigating the tricky challenge of elevating a brand.

view more
Latest News & Analysis
Unrivalled, world class journalism across fashion, luxury and beauty industries.

Estée Lauder’s Surprise Acquisition, Explained

The American cosmetic giant’s buyout of Ayurvedic beauty line Forest Essentials came as a surprise. By picking an under-the-radar brand it knows well, the company can show that it’s still in the M&A game without needing to outbid rivals.

VIEW MORE

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
© 2026 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.