Amazon.com Inc. is apparently considering a bid for a stake of at least 30% in Dubai’s Souq.com, which is also known as the Amazon of the Middle East. Souq had recently appointed Goldman Sachs Group Inc. to find buyers for a stake sale.
This could be a huge deal for Souq.com and the whole region if Amazon wishes to expand in the Middle East.
Back in February, Souq.com was able to raise over $275M in its latest funding round back in February and its post-money valuation was estimated at $1 billion. This made Souq the first tech company out of the Middle East to reach a 10-figure valuation.
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