Mohamed alabbar, an Emirati billionaire and the founder and Chairman of Emaar Properties, has acquired an online shopping website launched in 2011, this website was shut down this month saying that it has been acquired by a large regional business, without mentioning names.
“This business has been acquired by the tech-fund launched by Mohamed Alabbar, in the first of several acquisitions and partnerships as part of his digital/tech investments in the region,” stated the report citing a company spokesperson.
Advisor Goldmand Sachs said that this transaction happened soon after Amazon’s acquisition last month of regional e-commerce website Souq.com, and he described it as “the biggest-ever technology M&A transaction in the Arab world”
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