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
Saudi fund provides $10m to UN to supply Sudan with drinking water
- Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, UN and Sudanese representatives signed the grant agreement
- It focuses on rehabilitating and expanding Sudan’s main water networks and improving the Nile River water supply in Khartoum
LONDON: Saudi Arabia is providing a $10 million grant to the UN to supply conflict-stricken Sudan with fresh, sustainable water and to rehabilitate war-damaged pipeline networks.
A grant memorandum of understanding was signed on Tuesday in Geneva, Switzerland, by Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development; Hassan Hamid Hassan, Sudanese permanent representative to the UN; and Barham Salih, the UN High Commissioner for Refugees.
The memorandum focuses on rehabilitating and expanding Sudan’s main water networks, improving the Nile River water supply in the capital, Khartoum, and enhancing solar energy operations, the Saudi Press Agency reported.
It aims to improve access to drinking water for Sudanese communities, reduce the risks of disease and epidemics associated with contamination, and promote public health, it added.
Al-Marshad said that the MoU enhanced the water sector’s infrastructure and provided sustainable solutions to address urgent needs while supporting long-term development in Sudan.
Salih said that access to basic services, such as water, would help Sudanese communities achieve stabilization.
“This generous financial support not only meets urgent water needs, but also enhances the resilience and self-reliance of people in conflict zones, develops the vital systems on which communities depend,” he said.
The Saudi Fund for Development has financed 18 projects in collaboration with the UN in eight developing countries over the past 10 years, including Pakistan, Gaza, Lebanon and Somalia, among others. These projects have a total value of $85 million and have contributed to the well-being of communities, benefiting more than five million people.
