The news has been abuzz for a couple of days in the Middle Eastern region, but it has now been made official, press release and all: Amazon has reached an agreement to acquire SOUQ.com.

For those of you who don't live in the Middle East and haven't heard of SOUQ (which means "market" in Arabic), you can think of it as India's Flipkart maybe or well, Amazon, but serving a few local countries in the region: UAE, Egypt, Saudi Arabia, Kuwait, and also shipping to Bahrain, Oman, and Qatar. It has made a name for itself as one of the leading online retailers for shopping for clothes, electronics, beauty products, home items, sports equipment, baby products, and more.

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