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QUICK HIT: Amazon's Middle East Play

Amazon will reportedly acquire SOUQ, a popular e-commerce destination in the Middle East.

SOUQ.com attracts over 45 million visits per month, with localized operations in the KSA, UAE and Egypt.

Terms of the acquisition, which is expected to close in 2017, were not disclosed.

"We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region," said SOUQ.com CEO and Co-Founder Ronaldo Mouchawar. "By becoming part of the Amazon family, we'll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon's great track record of empowering sellers."

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