Emaar Malls’ bid for Souq.com

In

its first formal statement on the bid, Emaar Malls confirmed that the $800 million offer for the online vendor Souq.com will not have a material impact on its profits during the quarter in which any deal materializes. The bid is part of a strategy to “align e-commerce with physical shopping,” Emaar Malls said in a statement to Dubai bourse yesterday. The bid is awaiting a response from Souq.com’s shareholders. (Staff Report)