Online retail giant Amazon completed on Monday the acquisition of Dubai-based Souq.com, the largest online retailer in the Middle East, around three months after the deal between the two sides was signed.
The deal is officially undisclosed, but sources previously told TechCrunch that Amazon is paying around $650 million.
Ronaldo Mouchawar, the co-founder and chief executive of Souq.com said: "It is an exhilarating time for the e-commerce industry in the region".
The merger with Amazon, said Mashhour, will "help us offer a special service to our clients".
Amazon announced the acquisition in March, though it had reportedly been in talks to acquire Souq a year ago. The acquisition will give Amazon a firm footing in the region, where the e-commerce space is growing fast.
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The two companies said today (July 3) that they have completed an initial integration that allows customers to log into Souq.com using their Amazon account credentials.
"As we take this next step in the journey, our customers will remain our key focus and we will continue to deliver exceptional online shopping experience".
"We are working to quickly integrate Souq.com and Amazon capabilities, in terms of both customer experience and fulfillment, to provide an ever-improving shopping experience for customers in the Middle East", said Grandinetti.
However, when announcing the acquisition by Amazon, Mr Mouchawar said that Souq.com was "guided by numerous same principles as Amazon" and that the deal provided a critical step in growing its customers base. However, Dubai's state-backed Emaar Malls PJSC announced it made an $800-million bid for Souq.com in a filing on the Dubai Financial Market just before Amazon closed its deal. In addition, Souq's "Fulfilled by Souq" service - the equivalent of Amazon's "Marketplace" is to be expanded.