Souq.com rebranded as Amazon in UAE

The multinational e-commerce giant bought Souq for $580 million in 2017, its first venture into the Middle East. (Screengrab)
Updated 01 May 2019
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Souq.com rebranded as Amazon in UAE

  • E-commerce giant bought Souq for $580m in 2017, its first venture in the Mideast
  • Service remains unchanged in Saudi Arabia and Egypt

DUBAI: The Middle East online retail site Souq.com has been rebranded as Amazon.ae in the UAE, according to a company announcement.

Multinational e-commerce giant Amazon bought Souq for $580 million in 2017, its first venture into the Middle East. 

Souq now redirects to the new Amazon site when accessed in the UAE, although remains unchanged in Saudi Arabia and Egypt, according to press reports. 

 

Customers in the UAE are presented with a statement issued by the company’s co-founder Ronaldo Mouchawar.

“Today marks a proud day for Souq and Amazon, a day that we have been working toward since the two companies came together in 2017,” Mouchawar, the newly appointed vice president of Amazon MENA, wrote.

“Amazon.ae brings together Souq’s local know-how and Amazon’s global expertise, something we believe will be of significant benefit to UAE customers. Our combined team in the region has grown to over 3,600 employees … we will continue to grow our product range, ensure great prices, and provide a convenient and safe shopping experience.”

Amazon.ae features over 30 million products from local and international businesses, including products previously available on Souq, and 5 million products from Amazon US, the company said. 

Arabic language has been introduced to both the mobile app and website “for the first time ever at Amazon,” the company said. 


Airbus bags Cebu Air deal as sales flounder at Paris Air Show

Updated 2 min 46 sec ago
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Airbus bags Cebu Air deal as sales flounder at Paris Air Show

  • Cebu Air’s order included 10 of Airbus’s new long-range A321XLR passenger aircraft
  • There is speculation that a decade-long boom in orders might be coming to an end

LE BOURGET: Airbus struck a $6 billion plane deal with Philippines budget airline Cebu Air on Tuesday, extending its lead on orders at a subdued Paris Airshow as rival Boeing struggles following the grounding of its top-selling jet.
Cebu’s order included 10 of Airbus’s new long-range A321XLR passenger aircraft, which was launched at the show on Monday, as well as 16 wide-body A330neos and five single-aisle A320neos.
Reuters reported on Monday that Cebu was poised to buy more than two dozen Airbus planes.
Sources familiar with the matter say American Airlines and leasing giant GECAS are also in talks to buy the A321XLR, which aims to carve out new routes for airlines with smaller planes and steal a march on Boeing’s plans for a potential all-new mid-market jet, the NMA.
Despite the flurry of activity around the A321XLR, however, dealmaking at the aerospace industry’s biggest annual event has been quieter than normal, fueling speculation that a decade-long boom in orders might be coming to an end.
With airlines struggling with over-capacity, slowing economies and geopolitical tensions, some analysts warn Airbus and Boeing could face a growing number of cancelations from their bulging order books.
Boeing in particular is suffering after the grounding of its MAX 737 aircraft in March following two deadly crashes.
However, the planemakers are confident of continued strong demand for more fuel-efficient planes as emissions regulations tighten and as air travel continues to rise, driven by Asia’s growing middle classes. Boeing on Monday increased its 20-year industry demand forecast.
“Although investors have started to ask questions about the state of the upcycle, the aerospace industry remains very confident in the current state of the market,” analysts at Vertical Research Partners said in a note.
Cebu Air Chief Financial Officer Andrew Huang told a news conference the 16 A330neo jets it was buying would have up to 460 seats, allowing the airline to add new international routes.
Cebu, which operates the Cebu Pacific brand, had a 51 percent share of the Philippine domestic market in 2018, according to company data. In the international market, its 19 percent share was second only to full-service rival Philippine Airlines with 28 percent.
After announcing no major aircraft orders on Monday, Boeing could unveil some on Tuesday, including a potential deal with Air Lease Corp. whose founder Steven Udvar-Hazy told reporters on Monday he would be “at Boeing tomorrow.”