Amazon.com (NASDAQ: AMZN) dove into the Middle Eastern market for the first time ever this week.
The e-commerce giant said it would acquire Souq.com, the largest online platform in the Arab world with 8.4 million unique products for sale and operations in Saudi Arabia, the United Arab Emirates, and Egypt.
Terms of the deal were not disclosed, though TechCrunch reported the price tag at $650 million, below the $1 billion Souq.com was valued at in its last funding round. Amazon said it expected the deal to close by the end of the year.