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Amazon’s VP explains to Al Arabiya Souq.com deal

Published: Updated:

Amazon.com has agreed to buy Middle East online retailer Souq.com, thwarting a last-minute bid by Dubai billionaire Mohamed Alabbar's Emaar Malls EMAA.DU.

The value and terms of the agreement, which deal adviser Goldman Sachs called "the biggest-ever technology M&A transaction in the Arab world", were not disclosed.

Al Arabiya’s Nasser Tibi interviewed Russ Grandinetti, Amazon Senior Vice President, International Consumer.
Grandinetti, said that "Amazon and Souq.com both driven by customers and inventions."