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FINANCIAL NEWS
Emaar Malls offers USD800mn for Dubai’s Souq.com
27 Mar 2017
(MENAFN) Emaar Malls, the shopping-center unit of Dubai bid for online retailer Souq.com in a challenge to an offer made by Amazon.com.
Meanwhile, the retail division of Emaar provided almost USD800mn for Souq.com last week, which involves a convertible deposit of USD500mn.
In addition, Emaar Chairman is focusing on tech investments, while he is leading an USD1bn tech investment firm formed with other regional investors.
Recently, Amazon made talks to acquire Souq.com in a deal valued as much as USD650mn after walking away earlier this year.
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MENAFN2703201700450000ID1095346401
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