2. Evaluate the options before Souq in relation to the bids by Amazon and Emaar. “The walls are being knocked down. We still have work to do, but we’re getting there.”2

—Ronaldo Mouchawar, Souq’s CEO, in 2017

“There is a good old-fashioned bid battle going on in the Arabian Gulf, and the way it turns out will set the stage for the future development of e-commerce in the region.”3

—Frank Kane, an award-winning business journalist based in Dubai, in 2017 In September 2016, Middle Eastern e-commerce company Souq.com (Souq) appointed Goldman Sachs Group Inc.4

(Goldman Sachs) to find a buyer for it. Souq was an English-

Arabic language e-commerce platform, often described as the

“Amazon of the Middle East.” It had established itself as a leading player in the Middle East and North Africa (MENA) region and was looking for a buyer as Souq’s co-founder and CEO, Ronaldo Mouchawar (Mouchawar), wanted to take it to the next phase of growth in the region.

Global e-commerce giant Amazon.com, Inc. (Amazon) approached Souq with an acquisition offer in November 2016 in an effort to expand its reach in the MENA and to exploit the untapped e-commerce market potential. However, Amazon failed in its attempt due to a disagreement with Souq over the price.

In March 2017, Amazon again approached Souq and offered US$650 million for the acquisition. At the same time, leading real estate company in the Middle East, Emaar Properties PJSC

(Emaar), entered the scene, making a counter bid of US$800 million.