Souq.com, the Middle East’s largest online retail and marketplace platform, has announced that it completed a funding round of more than AED 1 Billion (USD 275 million), the largest financing of an e-commerce business in the Middle East. Ever.
Ronaldo Mouchawar, CEO and Co-founder of Souq.com says, “the e-commerce market in the Middle East is growing very fast and is expected to reach $20 billion this year. As the largest e-commerce platform in the region, we focus on the value we bring through technology and job creation. We connect people to products through our retail and marketplace model. Through cutting edge technology, we enable our consumers to make smarter choices and access to mobile commerce is further empowering them.”
Souq has been called the “Amazon of the Middle East”, a reference to the American online retail giant. Souq claims to attract some 45 million users every month through its local portals in the UAE, Egypt, and Saudi Arabia.
Mouchawar adds, “Further growth is inherent from being in a market with the highest mobile penetration in the world and continued adoption of mobile commerce by our customers. SMEs in particular are true growth drivers in our economy and our aim is to empower merchants to reap the benefits of e-commerce and further drive growth via mobile. Capitalising on the step-change in consumer behaviour and business benefit towards mobile commerce, Souq.com will continue to lead the e-commerce industry in the region.”