Emaar Malls stands up to Amazon with 800 million offer for Souq

Dubai's Emaar Malls EMAA.DU, a unit of Emaar Properties EMAR.DU, said on Monday it had submitted an 800 million dollars bid for Middle Eastern online retailer Souq.com.

In a bourse statement, Emaar Malls recognised that the bid has so far not been accepted by Souq.com's shareholders.

It’s worth recalling that last week, sources familiar with the matter told Reuters that Amazon.com Inc (AMZN.O) had agreed in principle to buy Souq.com.

Although the price of the reported deal remains undisclosed, the Middle Eastern company has raised 425 million dollars since its founding in 2005, according to ‘CrunchBase’.