A few months back, the first billion dollar valuation was a case of when, not if, for tech startups in the Middle East. A petite band of Middle Eastern technology startups were competing to become the region’s first ‘unicorn’—a Silicon Valley term specified to the companies that have broken through the $1 billion valuation mark.
On March 28, 2017, the world’s biggest online retailer Amazon.com Inc. clinched the first billion dollar valuation. The company had agreed to buy the Arab world’s largest e-commerce giant Souq.com. Amazon has had its close eye on the Middle East for some time. Now it’s ultimately made a move.
The US online juggernaut did not disclose the size of the deal, so it is not yet known whether the price paid exceeded the last-minute US$800 million tabled by Emaar Malls, which runs the world’s biggest shopping center.
The Middle East’s biggest online retailer Souq sells over 8 million products, mostly to customers in Egypt and the Gulf countries. It will keep the same leadership, name and brand identity for the foreseeable future.
Who Is Next In The Middle East?
After the valuation of Souq.com which was bought at a bargain price by Amazon. There are few questions going in the mind of the experts and roaming around the world; Will the Middle East looks for the next billion-dollar business opportunity? Will the Arab world see another Billion-Dollar Valuation? If your answer is YES then Who do you think is likely to be valued at a billion dollars?
Currently, here are the top 5 fastest growing eCommerce companies in the Middle East:
Who do you think will be the next billion-dollar company?
Share your thoughts in the comment box below.