Ben T. Smith IV, a longtime Silicon Valley executive and currently head of the Communications, Media and Technology practice at Kearney, speaks to Global Finance about the post-SVB venture capital industry and the pace of innovation.
Many of the world's richest countries are also the world's smallest: the pandemic and the global economic slowdown barely made a dent in their huge wealth.
Global Finance editor Andrea Fiano interviews Ásgeir Jónsson, Central Bank Governor of Iceland during Global Finance's World's Best Bank Awards at the National Press Club in Washington, DC on October 15th.
Amazon, the world’s largest online retailer, has agreed to acquire Souq.com, the Arab world’s largest ecommerce platform. The deal also includes the acquisition of Payfort, an online payment platform that is used by Souq.com.
Started in 2005 in Dubai, Souq.com sells more than two million products including housewares, furniture, books, sporting equipment and electronics in Saudi Arabia, UAE, Egypt and Kuwait. In 2016, the company raised $275 million in funding, which valued it at $1 billion.
“This acquisition is a critical next step in growing our ecommerce presence,” says Souq.com CEO Ronaldo Mouchawar.
Although the details of the Amazon and Souq.com transaction are likely to remain secret, it is a turning point for the development of electronic markets and fintech services in the Middle East. For Amazon, the deal implies a reinforced presence in the Arab world.
“Amazon and Souq.com share the same DNA,” says Russ Grandinetti, Amazon’s senior vice president of worldwide operations and customer service. “Together, we will work hard to provide the best possible service for millions of customers in the Middle East.”
No comments yet