Report: Amazon to buy Middle Eastern online retailer

A new deal could give Amazon a foothold in the Middle East.



Amazon has agreed in principle to buy Souq.com, a leader in the Middle East's online shopping market, according to a report in Reuters.



Souq.com sells consumer electronics, fashion, household items and other goods. It has become a leading online player in the Middle East thanks to the young and tech-savvy population across Kuwait, Saudi Arabia and the United Arab Emirates — regions that are also among the top markets worldwide for mobile phone penetration, the report said.



According to a source in the report, the deal gives Amazon a foothold in the region without having to get regulatory approvals from each country and signing up vendors and suppliers.



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