Souq.com, the Dubai-based e-commerce portal, has attracted a multimillion-dollar investment it says will help fund its expansion in Qatar and Bahrain.
The South African internet group Naspers has invested in the site, along with the New York-based Tiger Global Management, which already held a stake in Souq.com.
Ronaldo Mouchawar, the chief executive of Souq.com, said that the deal closed today.
“It’s a sizable... minority investment in Souq,” he said.
Sources close to the negotiations say the investment marked a multimillion-dollar deal, although Mr Mouchawar declined to specify the exact value.
Souq.com currently ships goods to the UAE, Saudi Arabia, Kuwait and Egypt, and Mr Mouchawar said part of the new investment would go towards geographical expansion.
“We’re still not shipping to Qatar or Bahrain, so those are the areas we will look at in the future,” he said.
The site will also expand into new categories such as fashion and lifestyle, and open logistics centers in the UAE, Saudi Arabia and Egypt, he added.
Naspers already has interests in the Middle East, having in 2010 acquired a stake in the Dubai-based classifieds website Dubizzle.
Souq.com claims to be the largest e-commerce site in the Middle East and North Africa, with 8 million unique visits per month and a customer base of 3.5 million.
The Souq.com group of companies includes the sites www.souq.com, www.sukar.com and www.run2sport.com. It is part of the Jabbar Internet Group, which also has a stake in the daily deals website Cobone.
Company%20profile
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Uefa Nations League
League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands
League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey
League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania
League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar
COMPANY%20PROFILE
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CONFIRMED%20LINE-UP
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JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
Company%20Profile
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THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Company%20Profile
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ILT20%20UAE%20stars
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Mohammed bin Zayed Majlis
Confirmed%20bouts%20(more%20to%20be%20added)
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Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
UAE'S%20YOUNG%20GUNS
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MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Kill%20Bill%20Volume%201
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The%20specs
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
SPECS
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Jawan
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COMPANY%20PROFILE
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