DUBAI : Middle Eastern online retailer Souq.com will make an announcement later on Tuesday about Amazon.com Inc’s bid to buy 100 percent of the company from its shareholders, two sources familiar with the matter told Reuters.
One of the sources, declining to be identified ahead of the announcement, said the statement would say that Souq.com’s shareholders had accepted the bid.
Souq.com declined to comment. Amazon officials could not immediately be reached for comment.
Dubai’s Emaar Malls, operator of some of the region’s most glitzy shopping malls, said on Monday it had made an $800 million offer for Souq.com. Sources said that bid was higher than Amazon’s offer.
Reuters reported last week that Amazon had agreed in principle to buy Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar.
Souq.com has raised $425 million since its founding in 2005, according to CrunchBase. It was reported to be valued at $1 billion at the time of its latest funding round last year, but sources said at the time the deal was worth less than that.
Amazon bid $580 million for Souq.com, a source familiar with the matter told Reuters on Monday. The Financial Times reported Amazon would pay between $650 and $750 million, quoting two sources familiar with the matter.
Emaar Malls’ bid had so far not been accepted by Souq.com shareholders, the Dubai-listed firm said on Monday.
Souq.com would have to break an exclusivity agreement with Amazon if it is to accept the Emaar Malls offer at this stage, a source said.
Dubai’s Souq.com to make announcement on Amazon.com bid — sources
Dubai’s Souq.com to make announcement on Amazon.com bid — sources
Trump hopes North Carolina speech will bolster standing on US economy
- Trump works to turn around public opinion on economy
- Opinion polls show Americans have doubts
ROCKY MOUNT, North Carolina: US President Donald Trump traveled to the “battleground” state of North Carolina on Friday, seeking to convince Americans that his handling of the economy is sound ahead of a midterm election year that could spell trouble for him and his ruling Republicans.
With prices increasing and unemployment up, Trump has his work cut out for him. A Reuters/Ipsos poll released on Tuesday showed just 33 percent of US adults approve of how Trump has handled the economy.
Trump is set to argue that the US economy is poised for a surge due to his policies and that any problems they are experiencing are the fault of the Democrats.
He contends that he has lowered the price of gasoline, imposed tariffs that are generating billions of dollars for the US Treasury and attracted hundreds of billions of dollars in investment pledges by foreign governments.
Republicans worry, however, that economic woes could jeopardize their chances in elections next November that will decide whether they will keep control of the House of Representatives and the Senate for the remaining two years of Trump’s term.
The speech is taking place at a 9 p.m. rally (0200 GMT Saturday) at the convention center in Rocky Mount, North Carolina. The city is represented by a Democrat in the House, Don Davis, who faces a tough re-election fight in 2026 after the boundaries of his congressional district were redrawn.
North Carolina is considered a “battleground” state because its statewide elections are closely contested between Democrats and Republicans. But Trump won the state in 2016, 2020 and 2024.
The North Carolina event is a stop on the way to his oceanfront Mar-a-Lago club in Palm Beach, Florida, where he plans to spend the Christmas and New Year’s holidays.
The US president has repeatedly said that any economic pain Americans are experiencing should be blamed on policies he inherited from his predecessor, Democratic President Joe Biden.
“Eleven months ago, I inherited a mess, and I’m fixing it,” Trump said in a grievance-filled speech on Wednesday night that he delivered in a jarringly rapid-fire pace. Democrats have argued that Trump himself has bungled the economy, the central issue he campaigned on last year.
rump got some early holiday cheer on Thursday from the Consumer Price Index report for November. It said housing costs rose by the smallest margin in four years.
Food costs rose by the least since February. Egg prices — a subject Trump raises regularly — fell for a second month, and by the most in 20 months. The report nonetheless showed that other prices, like beef and electricity, soared.
Overall, prices rose 2.7 percent over the year prior. Asked what his message will be in North Carolina, Trump said it would be similar to his last two events, a prime-time address on Wednesday night and a visit to Pennsylvania last week.
“We’ve had tremendous success. We inherited a mess, and part of what we inherited was the worst inflation in 48 years,” Trump told reporters in the Oval Office on Thursday. “And now we’re bringing those prices down. I’ll be talking about that.”
