Dubai-based online retailer Souq.com, known as the Amazon of the Middle East, is planning to sell a stake of about 30 percent that would give the company a value of at least $1.2 billion, people with knowledge of the matter said.
The company, secured $275 million from investors in its latest fundraising round in February.
Established in 2005, Souq.com sells more than 400,000 products online to customers in the United Arab Emirates, Egypt, Kuwait and Saudi Arabia.
Bloomberg (07 Sept)
