Amazon acquires Souq.com

Amazon is continuing its seemingly unstoppable growth with yet another acquisition.

The US-based e-commerce giant recently completed the takeover of its competitor Souq, the largest online platform in the Middle East based in Dubai, where it has been operating for around 12 years.

The transaction involved an outlay of US $580 million and will enable Amazon to strengthen its presence in the UAE, Egypt and Saudi Arabia.

Souq.com counts around 45 million visitors a month and sells a range of 8.4 million products across 31 categories.