Amazon Buys Middle Eastern Online Retailer

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Amazon announced plans to purchase Dubai-based online retailer Known as the “Amazon of the Middle East,” sells consumer electronics, fashion, household items and other goods.

Reuters reported that for Amazon, this acquisition offers expertise and a foothold in a region where ecommerce is seeing an expansion due to a young and tech-savvy population.  Some of the top markets include Kuwait, Saudi Arabia and the United Arab Emirates for mobile phone penetration.

While the value of the deal was not known, raised $425 million since it was founded in 2005. The company was valued at an estimated $1 billion at the time of its latest funding round last year.

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