Souq.com, the largest online retailer in the Arab world, said on Sunday that it has acquired Sukar.com, the Middle East's first online private shopping club. The sum has not been disclosed yet.
"The acquisition of Sukar.com will strategically align our two companies, maximising our synergies and consolidating our resources with the aim of further building the largest e-commerce business in the region," said Souq.com CEO Ronaldo Mouchawar.
Commenting on the acquisition, Sukar.com founder SayginYalcin said, "Sukar.com has continuously proven to be the market leader in its sphere. The acquisition by Souq.com has now created the largest ecommerce force in the region. This investment will enable Sukar.com to accelerate its growth, add unique values to the new organization and further ensure its market leadership."
Souq.com, first established in 2005 and is part of Jabbar Internet Group. Souq.com is the largest e-commerce site in the Arab world with operations in United Arab Emirates, Saudi Arabia, Egypt, Jordan, Kuwait and soon expanding to new markets.
Online sales in the Arab world are forecast to top $2 billion by 2016, amidst a boom in e-commerce in markets including the UAE and Egypt, according to a Euromonitor report released in January, according to data compiled by ‘TradeArabia’.