DUBAI : Middle Eastern online retailer Souq.com will make an announcement later on Tuesday about Amazon.com Inc’s bid to buy 100 percent of the company from its shareholders, two sources familiar with the matter told Reuters.
One of the sources, declining to be identified ahead of the announcement, said the statement would say that Souq.com’s shareholders had accepted the bid.
Souq.com declined to comment. Amazon officials could not immediately be reached for comment.
Dubai’s Emaar Malls, operator of some of the region’s most glitzy shopping malls, said on Monday it had made an $800 million offer for Souq.com. Sources said that bid was higher than Amazon’s offer.
Reuters reported last week that Amazon had agreed in principle to buy Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar.
Souq.com has raised $425 million since its founding in 2005, according to CrunchBase. It was reported to be valued at $1 billion at the time of its latest funding round last year, but sources said at the time the deal was worth less than that.
Amazon bid $580 million for Souq.com, a source familiar with the matter told Reuters on Monday. The Financial Times reported Amazon would pay between $650 and $750 million, quoting two sources familiar with the matter.
Emaar Malls’ bid had so far not been accepted by Souq.com shareholders, the Dubai-listed firm said on Monday.
Souq.com would have to break an exclusivity agreement with Amazon if it is to accept the Emaar Malls offer at this stage, a source said.
Dubai’s Souq.com to make announcement on Amazon.com bid — sources
Dubai’s Souq.com to make announcement on Amazon.com bid — sources
Pakistan’s religious affairs minister meets Egyptian grand mufti, highlights need for interfaith dialogue
- Both officials seek eradication of militant violence and sectarianism for the establishment of peace
- They also agree that the two countries should focus on enhancing economic, trade and cultural ties
ISLAMABAD: Federal Minister for Religious Affairs Chaudhary Salik Hussain on Saturday called for interfaith and intercultural dialogue to address growing intolerance worldwide and the challenges posed by militancy in Muslim states during a meeting with Egypt’s Grand Mufti, Dr. Nazir Mohamed Ayad.
Pakistan has made a conscious effort to promote religious pluralism and faith-based tourism in recent years, welcoming Buddhist monks as well as Hindu and Sikh devotees from India and beyond. However, the country continues to grapple with significant challenges, as religious minorities often complain of discrimination and marginalization.
The Pakistani minister’s meeting with Egypt’s grand mufti in Islamabad also sought the “eradication of terrorism, sectarianism, and the establishment of peace,” according to a statement released by the ministry.
“In light of the challenges and circumstances that Muslim countries are currently facing, there is a need to promote religious harmony, tolerance, and unity,” it continued. “There is an urgent need for dialogue between religions and cultures to establish peace in the world. An attitude of tolerance and respect is an essential component of Islamic teachings.”
Both sides agreed to strengthen bilateral cooperation to foster religious harmony, peace, and tolerance globally. They also decided to enhance economic, trade, and cultural ties.
The grand mufti highlighted the Muslim world’s struggles against militant violence, suggesting joint efforts to combat extremism.
He reiterated his country’s plan to establish a campus of Al-Azhar University, one of the world’s oldest centers of Islamic education, in Pakistan.
He also proposed that Pakistani scholars visit Egypt to benefit from the institution’s teachings and expertise.
Saudi authority issues health warning on food import
RIYADH: The Saudi Food and Drug Authority issued a warning about Country Butcher Boy beef pepperoni, manufactured in the UAE.
According to the Saudi Press Agency, the 250-gram packages with an expiration date of March 1, 2025, are contaminated with Listeria monocytogenes, a bacterium posing serious health risks, confirmed by lab tests.
The authority advised the public to avoid consuming the product and dispose of any units they may have.
Steps have been taken to remove the contaminated product from the market, and regulatory action is being pursued against the importing company, the SPA reported.
Violations of food laws can result in severe penalties, including up to 10 years in prison, fines of up to SR10 million ($2.6 million), or both.
The authority reiterated its commitment to food safety and will continue taking action against violators. Consumers can report food safety concerns to the authority’s call center at 19999.
Thai Embassy joins Riyadh greening initiative
RIYADH: The Royal Thai Embassy recently took part in a volunteer initiative at Aba Samri National Park in the Murat governorate of Riyadh region, in collaboration with the National Center for Vegetation Cover Development and Combating Desertification.
Part of the National Greening Season, the activity aims to enhance vegetation, curb land degradation, and plant native and adaptive species, supporting the Saudi Green Initiative, the Saudi Press Agency reported.
The embassy’s involvement promotes vegetation restoration and aligns with the center’s call for broader environmental engagement from all sectors. The scheme improves air quality, reduces dust storms and restores ecosystems, the SPA added.
The National Greening Season, a core element of the broader program, fosters public-private partnerships, volunteerism, and awareness about afforestation and combating desertification.
The center leads efforts to protect and restore vegetation sites across Saudi Arabia, addressing challenges such as wildfires, illegal logging and unregulated grazing to safeguard natural ecosystems.
Real, Barca managers raise stakes ahead of Jeddah El Clasico
- Ancelotti: ‘We are very excited and confident as always in the finals’
- Flick hoping to win first major trophy as Barcelona manager
Jeddah: Coaches Carlo Ancelotti of Real Madrid and Hansi Flick of Barcelona held press conferences before the final match of the Spanish Super Cup in Jeddah on Jan. 12.
Ancelotti spoke to the media at King Abdullah Sports City on Saturday, and discussed the match and preparation of his squad.
“We are very excited and confident as always in the finals. We are facing a great team and we know exactly how tough this Clasico match is,” he said.
On losing to Barcelona in the first El Clasico of the season, the Italian said: “We had a good game in the first half but the game later in the second half went down. Therefore, we have to avoid the mistakes we made.
“A Clasico is always a Clasico, even more so if it’s a final. Playing against Barcelona is always something special.”
He added: “If there’s a defeat, it’s a defeat. It’s the final; we’re very close to another title and we’re thinking positively.”
Ancelotti confirmed that in-form Real Madrid superstar Jude Bellingham will be fit and available for the clash.
“He is fine; he has recovered well. It was a normal load from matches. It’s very important because he’s on a good run. He is a player who has made a difference,” the manager said.
“Barcelona are always a historic rival and playing against them is very complicated; you can’t predict the result. We will try to do our best and try to win another title.”
Flick told the media that he hopes to win his first major trophy as Barcelona manager.
He described Real Madrid as a “great team,” adding: “We are fully prepared for them tomorrow night and hope we can perform better than what we did against Mallorca.
“We created many mistakes and we need to reduce them tomorrow night. Madrid is one of the best teams in the world in transition and they take advantage of any option you give them.”
The Dutchman confirmed that Dani Olmo is “very excited to play again.”
Since the Spanish Super Cup was moved to Saudi Arabia in 2020, Real Madrid and Barcelona have delivered unforgettable showdowns.
Of the five editions held in Saudi Arabia, Real Madrid have claimed three titles (2020, 2022 and 2024), while the Catalans have won once (2023). Athletic Club triumphed in 2021, rounding out the winners of the new era.
Top Indian university hosts special course on Saudi transformation, Vision 2030
- Indian Ministry of Education-sponsored program will take place at Jawaharlal Nehru University on Jan. 20-25
- Key speaker will be Prof. Joseph Albert Kechichian from King Faisal Center for Research and Islamic Studies
NEW DELHI: One of India’s most prestigious educational institutions will host a special course this month about Saudi Arabia’s transformation programs and Vision 2030, as relations between the countries deepen.
The five-day course is organized by Jawaharlal Nehru University in New Delhi in cooperation with the Ministry of Education under the Indian government’s Global Initiative of Academic Networks program to encourage exchanges with the world’s top faculty members and scientists.
Scheduled to start on Jan. 20, the course will be led by Prof. Joseph Albert Kechichian, senior fellow at the King Faisal Center for Research and Islamic Studies in Riyadh, who specializes in West Asian politics and foreign policy, especially of the Gulf region.
About 70 participants, including scholars, professionals and young researchers are expected to attend the sessions, said Prof. Sameena Hameed form the JNU’s Centre for West Asian Studies, who coordinates the course.
“It’s a Ministry of Education program, it’s a highly prestigious ... Saudi Arabia is one of our key partners in the Gulf region, where India has key energy trade investment and remittance interest,” she told Arab News.
“We have about 2 million Indians working there. India and Saudi Arabia are looking at each other with keen interest: How to harness this partnership for mutual development, for trade investment and other educational engagements.”
Saudi-Indian ties have steadily gained prominence over the past three decades, and reached a new level of engagement in 2019, following Crown Prince Mohammed bin Salman’s visit to New Delhi and the establishment of the Strategic Partnership Council.
This foundation set the stage for further collaboration, which gained momentum when Saudi Arabia presided over the Group of 20 largest economies in 2020, followed by India’s presidency of the bloc in 2023. The evolving relationship has not only deepened strategic ties but also fostered cooperation in trade, security, new technologies and regional stability.
The upcoming course at JNU aims to equip the participants with knowledge about key transformation programs underway in the Kingdom under its Vision 2030, and to understand its position at the local, regional and global levels.
“The rapid transformation the Kingdom has gone through under King Salman and Crown Prince Mohammed bin Salman is important and needs greater academic discussions and understanding,” said Md. Muddassir Quamar, associate professor at the Centre for West Asian Studies.
“Vision 2030 promises not only to transform the Kingdom but also set the benchmark for developing societies that are working towards sustainable development with care for people, peace, prosperity and environment. India, in particular, is interested in a peaceful and stable West Asia given its deep and historic relations with the region and its strategic interests in the stability of the region. With Vision 2030 Saudi Arabia is set to take a leap forward in its developmental goals, and India views it as significant in ensuring a stable West Asia.”
