Emaar Malls confirms $800 million bid for Souq.com

The confirmation follows a period of media speculation over whether Emaar would challenge Amazon’s $600 million bid

DUBAI: Emaar Malls, a leading owner and operator of shopping malls, has confirmed its bid of $800 million for e-commerce firm Souq.com, in a statement posted on the Dubai Financial Markets.

Clarifying media reports, Ahmad Thani Al Matrooshi, Vice-Chairman of Emaar Malls said in the statement that the company had made the offer in line with its strategy to combine e-commerce with physical shopping.

Al Matrooshi noted that the bid had not yet been accepted by the shareholders of Souq.com.

In the statement, he added that...

Source: gulfnews.com