Dubai – Mubasher: Amazon.com Inc. is considering the purchase of a 30% stake in Souq.com FZ, according to Bloomberg.
The possible transaction is part of Souq.com’s attempt to expand in the Middle East, sources told the news agency.
The stake is expected to be worth at least $1.2 billion (AED 4.41 billion), sources added.
The Dubai-based retailer’s CEO Ronaldo Mouchawar refused to comment on the news in a phone call to Mubasher.
Mouchawar earlier told Mubasher that his company considers launching an initial public offering (IPO) within two years on either the Saudi Tadawul or a UAE stock market.
