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
Saudi Reef Forum to focus on rural sustainability
- Al-Ahsa event to promote communities’ role in economic growth
RIYADH: The Ministry of Environment, Water and Agriculture will host the 1st International Forum for Saudi Reef in Al-Ahsa from Dec. 16-18, aiming to strengthen rural communities, and promote their role in driving sustainable development.
Maha Aldhahi, head of the forum’s executive committee, said: “The forum is pivotal in advancing rural development, aligning with the UN Sustainable Development Goals and Saudi Vision 2030. It will support rural communities, while contributing to global efforts and research on sustainable agriculture.”
Aldhahi said that the forum will unite regional and international experts to address the challenge of rural-to-urban migration, a widespread issue. To counter this, the forum will propose practical solutions to ensure rural areas remain economically viable, vibrant, and sustainable.
Additionally, it will explore innovations in agriculture and rural development, fostering economic growth and social cohesion through job creation and investment promotion, she added.
Aldhahi said that the forum builds on the Saudi Reef Program, recognized by the UN Food and Agriculture Organization as the world’s largest development initiative of its kind.
The program has supported over 77,000 agricultural projects, achieved a self-sufficiency rate exceeding 65 percent in vital sectors, and provided upskilling and career opportunities for rural communities.
Ghassan Bakri, secretary-general of the Saudi Reef Program, said: “The program is a model of sustainable growth, addressing food security and job creation while preserving cultural heritage. By hosting this forum, we aim to attract global partnerships and exchange cutting-edge solutions for rural empowerment.”
Bakri added that the forum will feature dynamic discussions on key topics, including sustainable agricultural practices, rural entrepreneurship, and the role of modern technology in agriculture.
The three-day event will also include an exhibition showcasing unique rural practices, handicrafts, and the work of local farmers, artisans, and entrepreneurs. It will highlight how traditional techniques integrate with modern innovations to create sustainable livelihoods.
Kingdom arrests 19,696 illegals in one week
- A total of 11,336 people were arrested for violations of residency laws
Riyadh: Saudi authorities arrested 19,696 people in one week for breaching residency, work and border security regulations, the Saudi Press Agency reported on Saturday.
According to an official report, a total of 11,336 people were arrested for violations of residency laws, while 5,176 were held over illegal border crossing attempts, and a further 3,184 for labor-related issues.
The report showed that among the 1,547 people arrested for trying to enter the Kingdom illegally, 65 percent were Ethiopian, 32 percent Yemeni, and 3 percent were of other nationalities.
A further 71 people were caught trying to cross into neighboring countries, and 22 were held for involvement in transporting and harboring violators.
The Ministry of Interior said that anyone found to be facilitating illegal entry to the Kingdom, including providing transportation and shelter, could face imprisonment for a maximum of 15 years, a fine of up to SR1 million ($260,000), as well as confiscation of vehicles and property.
Suspected violations can be reported on the toll-free number 911 in the Makkah and Riyadh regions, and 999 or 996 in other regions of the Kingdom.
Bella Hadid guest stars on ‘Holland’s Next Top Model’ alongside her mother
DUBAI: US Dutch Palestinian model Bella Hadid shared a series of images from her experience as a guest judge on “Holland’s Next Top Model,” the reality series where her mother, Yolanda Hadid, serves as one of the judges.
The post features a carousel of photos and videos, including moments with her mother, the show’s judges and contestants, as well as behind-the-scenes shots from various photoshoots.
In the caption, the runway star expressed her excitement about her fragrance brand, Orebella, being featured on the episode, describing it as “a dream.”
She said: “Thank you @hollandsnexttopmodelnl for having me on as a guest judge! To have @orebella be shot, on a show so dear to my heart, in my most beautiful Holland, was a dream.”
Hadid also reflected on her admiration for her mother. “To watch my mama work and be a second mama to a new generation of young creative human beings is such a blessing to me! Things that my mom can teach, she wasn’t taught. It’s part of who she is,” she said. “Her talent, nurturing ability, maternal instincts, confidence in hard work and success, faith in people and love for fashion is what makes her so special, especially on a show like this. I am so proud of you, mama.”
The model described the transformative journey of the contestants on the show. “This was just an incredible experience to watch these young women and men push themselves but also grow to know themselves better than when they arrived,” she added. “I saw so much of myself in every one of them, and I am proud of each one for getting through a competition that I know for sure is mentally and physically exhausting.”
Hadid launched her brand in May with three fragrances: Salted Muse, Blooming Fire and Window2Soul.
In August, she expanded her collection with the launch of a new scent called Nightcap, described as a “warm and spicy” fragrance featuring notes of ginger, cardamom and vanilla.
For the launch, she hosted a party in West Hollywood, where she wore a dusty-pink gown with delicate embroidery and bow detail from Lebanese couturier Zuhair Murad.
Afghanistan bets on ‘red gold’ for global market presence
- Afghanistan is the world’s second-largest saffron producer
- Afghan saffron considered world’s best by International Taste Institute
KABUL: With the saffron harvest season underway in Afghanistan, local traders are expecting better yields than in previous years, sparking hopes that exports of the precious crop, known locally as “red gold,” will help improve the country’s battered economy.
Afghanistan is the world’s second-largest saffron producer, after Iran. In June, the Belgium-based International Taste Institute named Afghan saffron as the world’s best for the ninth consecutive year.
Saffron is the world’s most expensive spice, selling for around $2,000 per kilogram. Its exports provide critical foreign currency to Afghanistan, where US-imposed sanctions have severely affected the economy since the Taliban took control in 2021.
With this year’s saffron yield expected to exceed 50 tons — roughly double that of the 2023 and 2022 seasons — the government and the Afghanistan National Saffron Union are looking to boost exports.
“The harvest of saffron this year is good. During the first nine months (of 2024), Afghanistan exported around 46 tons of saffron to different countries,” Abdulsalam Jawad Akhundzada, spokesperson at the Ministry of Industry and Commerce, told Arab News. “Everywhere our traders want to export saffron we support them through air corridors and facilitating the participation of Afghan traders in national and international exhibitions.”
Known to have been cultivated for at least 2,000 years, saffron is well suited to Afghanistan’s dry climate, especially in Herat, where 90 percent of Afghan saffron is produced. Most saffron trading is also centered in the province, which last weekend inaugurated its International Saffron Trade Center to facilitate exports.
“The new center has been established in accordance with global standards and will bring major processing and trade companies to one place, providing a single venue for farmers to trade their products in the best possible conditions,” Mohammad Ibrahim Adil, head of the Afghanistan National Saffron Union, told Arab News.
The union’s main export market is India, where saffron is a common ingredient in food, followed by the GCC — especially Saudi Arabia and the UAE.
“Saffron exports bring much-needed foreign currency to Afghanistan, contributing significantly to stabilization of the financial cycle in the country,” said Qudratullah Rahmati, the saffron union’s deputy head.
The union estimates that saffron contributes about $100 million to the Afghan economy a year.
Around 95 percent of the workers in the saffron industry are women, according to the union.
“Saffron production is supporting many families, especially women, during the harvest and processing phase through short- and long-term employment opportunities. There are around 80-85 registered saffron companies in Herat. The small ones employ four to five people while the bigger ones have up to 80 permanent staff,” Rahmati explained.
Harvesting saffron is difficult and time-consuming work. The flowers are handpicked, and their tiny orange stigmas are separated for drying. Roughly 440,000 stigmas are needed to produce one kilogram of the fragrant spice.
The harvest season usually begins sometime in October or November and lasts just a few weeks.
Part-Saudi model Amira Al-Zuhair fronts Balmain’s Resort 2025 campaign
DUBAI: French Saudi model Amira Al-Zuhair this week shared pictures from her latest campaign with Balmain, showcasing the brand’s Resort 2025 collection.
In one of the images, Al-Zuhair donned a strapless denim mini dress paired with two matching denim handbags and calf-high black boots.
In the second image, she wore a black sequined two-piece outfit, featuring a crop top and a high-waisted skirt. The design incorporates gold and silver embellishments, with the top featuring the word “L’aime,” meaning “loves” in French. The setting, with the Eiffel Tower in the background, tied the look to the brand’s Parisian roots.
This is not Al-Zuhair’s first collaboration with Balmain. She previously walked for the brand during Paris Fashion Week in September.
She showcased a structured gray blazer over a classic black T-shirt, complemented by vibrant red suede over-the-knee boots that added a bold pop of color. Her ensemble was completed with a neutral-toned shoulder bag and a striking gold pendant necklace.
The model has been spending the week in Dubai and shared a moment on Instagram featuring an advertisement she spotted for Maison Alaia in Dubai Mall. “Casually shopping in Dubai Mall … and look who I found,” she said in the caption.
Al-Zuhair also shared a photo of herself having lunch with a friend at Al Mandaloun, a Lebanese restaurant in Dubai.
