Souq.com: on­line re­tail heats up

The Week Middle East - - Business -

Ron­aldo Mouchawar, the co-founder and CEO of Mid­dle East e-com­merce gi­ant Souq.com, said the com­pany had grown 30 to 40% year-on-year across its foot­print cov­er­ing the Gulf coun­tries and Egypt, and 50% in Saudi Ara­bia. How­ever, there is ma­jor com­pe­ti­tion on the hori­zon with Dubai bil­lion­aire Mo­hamed Alab­bar hav­ing an­nounced the launch of e-com­merce site Noon.com last week, said Robert An­der­son on Gulf­busi­ness.com. The com­pany is backed by a $1bn ini­tial in­vest­ment from Alab­bar and other Gulf in­vestors and the Saudi Pub­lic In­vest­ment Fund, which is a 50% share­holder. Noon, whose main mar­ket will be Saudi Ara­bia ini­tially, is promis­ing “20 mil­lion prod­ucts” when it comes on­line in Jan­uary in com­par­i­son to “Souq’s two mil­lion” and has a goal to boost on­line sales in the re­gion from “$3bn to $70bn, within a decade”. Souq’s Mouchawar com­mented: “I think we’ll be ok, I’m not wor­ried”.

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