Souq (company)
| Company type | Subsidiary |
|---|---|
| Industry | E-commerce |
| Founded | 1 January 2005 in Dubai, United Arab Emirates |
| Founder | Ronaldo Mouchawar |
| Fate | Acquired and rebranded by Amazon |
| Successor | Amazon.ae, Amazon.sa, Amazon.eg |
| Headquarters | Dubai , United Arab Emirates |
Area served | United Arab Emirates, Saudi Arabia, Kuwait, Egypt, Bahrain, Oman, Qatar |
Key people | Wisam Daoud (CTO), Asif Keshodia (CFO) |
| Products | Consumer electronics, fashion, health and beauty, household items, baby care products |
Number of employees | 2500 |
| Parent | Amazon.com Inc. |
Souq.com stood as the foremost e-commerce platform in the Arab world since its inception in 2005 in Dubai, United Arab Emirates. On March 28, 2017, it was acquired by Amazon.com Inc. for $580 million, becoming an Amazon subsidiary. The Souq.com brand in the UAE was rebranded to Amazon.ae on May 1, 2019,[1] followed by the Saudi Arabian platform transitioning to Amazon.sa on June 17, 2020.[2] The brand's final transformation took place on September 1, 2021, when Souq.com Egypt was renamed Amazon.eg, marking the end of the Souq.com identity.
History
Souq.com was established in 2005 by Ronaldo Mouchawar initially as a consumer-to-consumer auction website under the umbrella of Maktoob Group. It later evolved into a fixed-price catalog marketplace under the leadership of CTO Wisam Daoud, who joined from eBay in 2010.[3] CFO Asif Keshodia became part of the team in late 2012 after Souq completed its first significant funding round led by Naspers and Tiger Global Management.[4]
In March 2014, Naspers injected an additional $75 million into Souq, raising total funding to $150 million—at that time the largest investment any Middle Eastern internet company had received.[5] By 2015, Souq.com was headquartered in Dubai and primarily backed by Tiger Global Management and Naspers Ltd., with a valuation near $1 billion during a fundraising event. The platform attracted approximately 10 million visitors monthly, ranking second regionally only to Digikala.[6]
Reports from March 2017 indicated that Emaar Properties bid $800 million for Souq; however, Amazon completed its purchase shortly after for an estimated $650–700 million.[7][8][9] This acquisition marked Amazon’s entry point into the Middle Eastern e-commerce landscape.
Post-acquisition, Souq.com underwent a phased rebranding across key markets: UAE’s site became Amazon.ae (May 2019), Saudi Arabia’s platform changed to Amazon.sa (June 2020), and Egypt’s website transitioned to Amazon.eg (September 2021). This integration significantly broadened Amazon's regional reach and unified its position within Middle Eastern online retail.[10][11]
Overview
By March 2017, Souq.com offered over 8.4 million products spanning 31 categories such as consumer electronics, fashion, health and beauty, household items, and baby care products. It garnered roughly 45 million visits each month and was recognized as the largest e-commerce site in the Arab world during 2016, often referred to as the Amazon of the Middle East. Since 2014, its delivery network covered the United Arab Emirates, Saudi Arabia, Kuwait, Egypt, Bahrain, Oman, and Qatar.
By 2017, Souq.com maintained localized fulfillment hubs across Saudi Arabia, UAE, Kuwait, and Egypt with a combined area of 35,000 square meters. The company employed nearly 2,500 individuals working in engineering, retail operations, customer service, fulfillment logistics, and last-mile delivery.
On September 1, 2021, Souq.com's online operations were fully absorbed into Amazon, with the final site redirected to Amazon.eg; prior closures had already occurred for the UAE and Saudi Arabian platforms.
Souq.com subsidiaries
By January 2018, the companies operating under Souq.com encompassed the delivery firm QExpress, the payment gateway Payfort (which was renamed Amazon Pay in December 2020), the repair service platform Helpbit, and the logistics marketplace Wing.