Home » Investment in Middle East »

|| Souq.com merges private shopping portal Sukar.com in its operations

souqsukar.jpgIn a move that appears to be more of a consolidation in a holding group than an acquisition, it is announced that Souq.com, an e-commerce portal from the Middle East has acquired the private shopping portal Sukar.com.

Sukar.com is majority owned by the same group that owns Souq.com. So for us this seems more like a consolidation against the big force of another shopping portal, MarkaVIP.com which has recently closed a Series B of $10 million investment. Souq.com had announced investing $2.5 million in start-up Run2Sport.com earlier.

More details follows from their release:

Sukar.com, the Middle East's first and online private shopping club has been acquired by Souq.com, the largest online retail and marketplace in the Arab world in a move aimed at consolidating the market leadership of both enterprises in the online space.

Sukar.com was established in 2010 and quickly took a leadership position in the fashion & lifestyle ecommerce category, by offering the website's rapidly growing member base exclusive access to daily incomparable deals, on a rich selection of over 700 of the world's top fashion and lifestyle brands in the women's, men's, children's, beauty, gadgets, and home fashion categories.

"The acquisition of Sukar.com will strategically align our two companies, maximizing our synergies and consolidating our resources with the aim of further building the largest e-commerce business in the region," said Souq.com CEO Ronaldo Mouchawar. "The fashion market in the Middle east is more than $30bn, and on line share is less than 1%, we have a huge potential and that is the main reason of this acquisition."

Souq.com, first established in 2005 and is part of Jabbar Internet Group. Souq.com is the largest e-commerce site in the Arab world with operations in United Arab Emirates, Saudi Arabia, Egypt, Jordan, Kuwait and soon expanding to new markets.

Sukar.com founder SayginYalcin said, "Sukar.com has continuously proven to be the market leader in its sphere. The acquisition by Souq.com has now created the largest ecommerce force in the region. This investment will enable Sukar.com to accelerate its growth, add unique values to the new organization and further ensure its market leadership."

Previous Post: DubaiBeat.com an official partner of the Private Equity International Dubai Event
Next Post: Middle Eastern investors acquired substantial farming property in Western Australia

More from Investment in Middle East ...

  JPM, London fund invest $20 million in Dubai e-commerce firm (September 2012)

  Souq.com merges private shopping portal Sukar.com in its operations (April 2012)

  UAE early stage investor Saffar Holding to exit its investment in Zawya (April 2012)

  How to sell your Middle Eastern media firm - 7 lessons from Flip Media acquisition (February 2012)

  Publicis Groupe acquired Dubai-based digital agency Flip Media (February 2012)

  Carlyle Group acquires 42% stake in Domino's Pizza MENA master franchise (December 2011)

  Middle East e-commerce website MarkaVIP raised $5 million (December 2011)

  Jabbar acquired remaining stake in Cobone.com from GBG to become the sole owner (July 2011)

  Naspers acquired stake in Dubai-based classified website (June 2011)

  Intel Acquires Egypt-based SySDSoft (March 2011)

|| About Us

Established in 2007, DubaiBeat.com provides insight, analysis and research on Middle East investors.

We cover different asset class investors like private equity, venture capital, hedge funds and real estate investors from the Middle East and broader MENA region.

|| Subscribe

Copyright 2007-2017 DubaiBeat.com    Sitemap  |  Terms  |  Privacy Policy

Follow us: RSS Feed   Facebook    Twitter