Emaar Malls bids US$800m for online retailer Souq to challenge Amazon

London

EMAAR Malls PJSC, the operator of the world's biggest shopping centre, bid US$800 million for online retailer Souq.com, challenging an offer made by Amazon.com Inc.

The retail division of Emaar Properties PJSC, the developer of the world's tallest skyscraper in Dubai and run by Mohamed Alabbar, said that the bid hasn't been accepted yet by Souq.com shareholders,according to the company on Monday. Any impact on the company's profit after a deal has been reached wouldn't be material, it said.

Emaar chairman Mr Alabbar is increasingly focusing on technology investments and is leading a US$1 billion investment company formed with other regional investors. He raised a similar amount from investors including Saudi Arabia's sovereign wealth fund to create e-commerce firm Noon, bought a stake in regional logistics firm Aramex PJSC in July as well as 4 per cent of Yoox Net-a-Porter for 100 million euros (S$151.5 million) in April.…