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Dubai's Emaar Malls rivals Amazon with US$800m Souq.com bid
[DUBAI] Dubai's Emaar Malls has offered US$800 million to buy Souq.com, the Middle East's largest online retailer, it said Monday, challenging a reported offer by global giant Amazon.
"Emaar Malls has submitted a bid of US$800 million for Souq.com in line with the strategy to align e-commerce with physical shopping," Emaar Malls said in a statement.
Amazon, which walked away from talks with Souq.com earlier this year, had offered up to US$650 million for the company, according to Bloomberg.
As of Monday Souq.com had not publicly responded to Emaar's offer.
Founded in 2005, the e-commerce site emerged as the highest-valued internet company in the region last year after a funding round raised more than US$275 million.
Investors in the site include Standard Chartered Private Equity and the International Finance Corporation, a member of the World Bank Group.
Souq.com has reported more than 1.5 million sales to customers in the Middle East and North Africa, particularly the United Arab Emirates, Saudi Arabia and Egypt.
Emaar Malls owns Dubai Mall, one of the world's largest shopping centres.
It is the retail arm of real estate giant Emaar Properties, which is the largest company listed on the Dubai Financial Market and was behind the world's tallest tower, Burj Khalifa.