Burj Khalifa

Amazon buys Souq.com, the Middle East's biggest online retailer, after $800-million counteroffer

Amazon buys Souq.com, the Middle East's biggest online retailer, after $800-million counteroffer

Amazon purchased the Middle East's biggest online retailer, Souq.com, on Tuesday for an undisclosed amount, a day after a state-backed firm disclosed an $800-million counteroffer.

A joint statement described the purchase as expanding Amazon's influence into the Mideast as the chairman of the state-supported firm Emaar prepares to launch his own retail website in a country known more for its luxury malls than online shopping.

That could put Seattle-based Amazon in a head-to-head competition with a firm helmed by one of the sheikhdom's favored business magnates.

"This is a milestone for the online shopping space in the region," Souq.com cofounder and Chief...

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