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FINANCIAL NEWS
S Africa’s Naspers acquires stake in Dubai’s Souq.com
30 Oct 2012
(MENAFN) Souq.com announced that Naspers, the South African media firm has purchased a stake in the Dubai-based online retailer, reported Arabian Business.
Souq.com, which has a customer base of nearly 3.5 million people across the Gulf and North Africa, didn’t reveal the value of the stake acquired by Naspers, however, some sources said that it’s around USD40 million.
Investors in Souq.com, which competes with Namshi, include Al Jabbar Internet Group and Tiger Global.
According to Jawad Abassi, founder and general manager at Arab Advisors Group, there were over 77.7 million internet users in the Arab world by the end of last year, a penetration rate of around 22 percent,
It is worth noting that the value of e-commerce related deals in the Middle East is around USD11 billion per year.
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