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
0

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. 


Chemicals sector feels the pressure of attacks on oil facilities

Updated 17 September 2019

Chemicals sector feels the pressure of attacks on oil facilities

  • Now petrochemicals industry which relies on crude oil and natural gas to make different kinds of plastic

LONDON: The global petrochemical supply chain is braced for the fallout from the weekend attacks on the world’s biggest crude oil processing plant in Saudi Arabia.

The attacks shut down about 5.7 million barrels per day (bpd) of oil production, sending the price of crude rocketing on Monday. Now the petrochemicals industry which relies on crude oil and natural gas to make different kinds of plastic, is also feeling the impact.

“With associated gas supplies badly disrupted due to the acute pause in oil production after the drone attacks, ethane supply is particularly under threat, which in turn means ethylene supplies would be interrupted too,” said Wood Mackenzie Head of Polyesters Salmon Lee.

Several major Saudi petrochemical producers, including SABIC, Tasnee, Yansab and Saudi Kayan have disclosed curtailed feedstock supplies in the wake of the attacks on the Abqaiq processing plant, which processes crude from the Ghawar, Shaybah and Khurais fields.

Saudi petrochemical plants tap natural gas, known as ethane, to make building block petrochemicals such as ethylene, from which many types of plastic are manufactured.

Spot prices of petrochemical including monoethylene glycol (MEG) and polyethylene (PE) have jumped in Asia.

Saudi Arabia accounts for about 10 percent of the global supply of polyethylene, which is used to make everything from plastic bags to milk cartons.

The Kingdom exported about 87 percent of its production to global markets in 2018.