Counter-offer for Souq

Dubai-based Emaar Malls has reportedly submitted a $800m bid for the Middle East online retailer Souq, which could potentially set it up for a bidding war with Amazon. As reported last week, Amazon has allegedly agreed in principle to buy Souq – although there has been no official confirmation of this.

Emaar Malls’ bid is understood to have been higher than Amazon’s. If Amazon were to acquire Souq it would give the global online retailer a significant presence in the Middle East.