Souq.com

Souq.com was the largest e-commerce platform in the Arab world, founded in 2005 in Dubai, United Arab Emirates, by Ronaldo Mouchawar, originally as a consumer-to-consumer auction site and part of the Maktoob Group.

The website later evolved into a fixed-price retail marketplace comparable to Amazon.com, focusing on facilitating trade in the Middle East, particularly across the UAE, Saudi Arabia, and Egypt.

Souq.com played a key role in revolutionizing online shopping in the region by addressing challenges such as trust, logistics, and payment infrastructure, serving millions of customers monthly.

The company experienced rapid growth fueled by several major funding rounds, including a significant $270 million investment in 2016 led by Standard Chartered Bank and the International Finance Corporation, which elevated its status on the global stage.

Souq was known for pioneering initiatives such as the “White Friday” sales event, a culturally adapted version of Black Friday, which became a hugely successful regional shopping phenomenon.

In March 2017, Amazon.com acquired Souq.com for about $580 million, marking Amazon’s entry into the Middle Eastern market through Souq’s established platform and infrastructure.

Following the acquisition, the Souq.com brand was gradually phased out, with its operations rebranded as Amazon.ae in the UAE by May 2019, Amazon.sa in Saudi Arabia by June 2020, and Amazon.eg in Egypt by September 2021.

This transition marked the end of Souq.com as an independent entity but solidified its legacy as the region’s pioneering online marketplace and key driver in the rise of e-commerce in the Middle East.