(BVO) – Goldman Sachs calls it the biggest ever M&A tech deal in the Arab world. Amazon is buying the Middle East online retailer Souq.com. Goldman, which advised on the deal, says the acquisition will accelerate the company’s entry into the Middle East. The region is alluring for its growth potential. Goldman says e-commerce there only accounts for 2 percent of retail sales.
Souq is the largest online retailer and marketplace platform in the Arab world, featuring more than 8.5 million products. Through the deal, it says it hopes to expand its delivery and selection.