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Amazon looks set to buy Dubai-based company souq.com

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Reports have been circulating that Amazon is in talks to buy Dubai-based online retailer souq.com since late last year. In January it was reported that Amazon had walked away from the deal over a valuation dispute, however, it seems that the companies may have reached an agreement.

Back in November 2016 it was said that souq.com had been valued at $1 billion, but it is not known what kind of figure is being discussed. The National reports that a full acquisition deal has been agreed.

Souq.com is the largest online retailer in the Middle East with millions of products on its site, selling to customers in the UAE, Egypt, Kuwait and Saudi Arabia.

And if you think that’s big, then take a look at the size of Amazon. The US-based retailer is worth $356 billion, making it one of the largest companies by market capitalisation in the world, according to Business Insider.

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