Deals
Emaar Malls Bids $800 Million for Souq to Challenge Amazon
- Emaar Chairman Alabbar focusing on technology investments
- Company says bid to align e-commerce with physical shopping
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Emaar Malls PJSC, the operator of the world’s biggest shopping center, bid $800 million for online retailer Souq.com, challenging an offer made by Amazon.com Inc.
The retail division of Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai and run by Mohamed Alabbar, said the bid hasn’t been accepted yet by Souq.com shareholders, according to an emailed statement from the company on Monday. Any impact on the company’s profit after a deal has been reached wouldn’t be material, it said.