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FINANCIAL NEWS
UAE’s Souq.com invests USD 275mn to spread operations
29 Feb 2016
(MENAFN) Souq.com rose a funding of more than USD 275mn that will help the firm’s future growth and support increasing ecommerce in the Middle East.
Moreover, Souq.com is the main online retail and marketplace platform in the Arab world, featuring more than 1mn products across 31 categories like fashion.
Additionally, the ecommerce site works both as a retail site and as a marketplace for third party sellers, while it attracts over 45mn visits per month.
The e-commerce market is increasing fast and is predicted to reach USD 20bn this year, while investors in this stage include New York-based Tiger Global Management.
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