
Legacy of Online Shopping in the Emirates
Souq UAE has become a defining term in the history of e-commerce in the United Arab Emirates. Once the largest online shopping platform in the Arab world, Souq UAE played a critical role in shaping consumer behavior and setting the foundation for digital retail in the region. Though it has since evolved into Amazon.ae, the name 'Souq UAE' still resonates with millions of online shoppers who experienced the early days of digital convenience and variety.
Founded in 2005, Souq.com was launched as part of the Maktoob Group and quickly evolved into a full-scale e-commerce marketplace. Souq UAE emerged as the localized version catering specifically to the UAE market. The platform gained rapid popularity due to its diverse product categories, user-friendly interface, and features that catered to regional preferences such as Arabic language support, cash on delivery, and competitive prices.
What made Souq UAE unique was its deep understanding of the local market. It addressed challenges that traditional global e-commerce platforms often overlooked, such as regional logistics, trust in online transactions, and localized customer service. These factors contributed to Souq UAE becoming a household name and a preferred shopping destination for many.
In 2017, Souq.com was acquired by Amazon for approximately $580 million. This acquisition marked a significant milestone not just for Souq UAE, but for the entire Middle Eastern tech ecosystem. Two years later, in 2019, Souq UAE officially transitioned to Amazon.ae. While the branding changed, Amazon retained the core structure, logistics, and customer base of Souq UAE, making the transition smooth for users.
Despite the rebranding, the term Souq UAE continues to be used by many customers and retailers in the region. It remains one of the top-searched phrases when people look for online shopping platforms in the UAE. This is largely due to brand familiarity and the trust that Souq had built over the years.
From a marketing and SEO perspective, 'Souq UAE' still holds significant value. Many businesses and online retailers continue to target the keyword to attract users who associate it with affordable prices, fast delivery, and wide product availability. The legacy of Souq UAE has made it a lasting part of the UAE's digital shopping culture.
Additionally, for many residents, especially those who have lived in the UAE for years, the term 'Souq UAE' carries a sense of nostalgia. It represents a time when online shopping was just beginning to take off and Souq.com was leading the way.
While Souq UAE may no longer exist as a standalone brand, its influence on the e-commerce landscape of the UAE is undeniable. It paved the way for digital transformation in retail and introduced millions of consumers to the benefits of online shopping. Today, Amazon.ae carries forward the vision, but the name 'Souq UAE' lives on as a powerful symbol of innovation, trust, and convenience in the UAE's retail history.
TIME BUSINESS NEWS

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Miami Herald
3 hours ago
- Miami Herald
Gucci, YSL owner sends blunt message about tariff threats
I bought my first pair of Saint Laurent (YSL) heels when I was 25. They were all black patent leather in the iconic Tribute style, with crisscross straps and a sky-high platform that made absolutely no sense and every kind of sense at the same time. I can't remember exactly why, but I had some reason to celebrate (or so I told myself), and I couldn't resist the rush of slipping those shoes on in the YSL store at Copley in Boston. They were bold. A little aggressive. And completely, unapologetically French. Related: Popular luxury brand takes a massive leap of faith in risky move That moment wasn't just about fashion - it was about owning something that felt like power. Putting them on was like flipping a switch: confidence, elegance, a little bit of edge. Luxury brands like YSL know exactly what they're selling. Sure, there's craftsmanship and quality, but really, it's culture. A story. An idea that something made in France or Italy is worth paying a premium. So when presidents start throwing around threats of tariffs and urging companies to move production closer to home, that idea gets tested. But Kering (PPRUY) , the company behind Gucci, YSL, and Bottega Veneta, just made it clear: it has no intention of budging. Image source: Sorbis/Shutterstock On the Q1 2025 earnings call, Kering CEO François-Henri Pinault made one thing clear: the company won't be moving its production out of Europe in response to U.S. tariffs. "Most of our brands we are producing in Italy and in France, and this is part of the promise that we bring through our products, through our heritage, to the consumer," he told investors. He went even further, adding, "We are selling part of our culture, being an Italian culture or a French culture. So we have no plan of producing to counter the tariff. It makes no sense." Related: Luxury outerwear brand avoids tariffs as rivals try to exit China His comments came just days after President Donald Trump signaled that sweeping new tariffs on goods from the European Union were imminent, calling the EU's trade actions "an atrocity." Pinault said the company already operates in large global markets (like China) where import duties are standard, and he emphasized that adjusting its entire supply chain would dilute the very value proposition luxury buyers are paying for. Still, Kering isn't ignoring the issue. Pinault acknowledged the company may have to rethink pricing strategy if the tariffs go into effect. Tariffs aren't the only problem on Kering's plate. In its latest results, the group reported a 14% drop in revenue for the first quarter of 2025, totaling €3.9 billion. Gucci continues to struggle. The brand brought in €1.6 billion in Q1 2025, down 24% year-over-year. Sales fell sharply across both its retail and wholesale channels. Meanwhile, YSL posted €679 million in Q1 revenue, down 8%, with some resilience in European and Middle Eastern markets. Kering closed 25 stores globally during the quarter, and although Bottega Veneta (up 4%) and its beauty and eyewear segments saw growth, the group's overall trajectory remains challenged. Pinault addressed the issue, stating, "We are increasing our vigilance to weather the macroeconomic headwinds our industry faces." The company also recently offloaded its stake in The Mall Luxury Outlets and entered a joint venture for three Parisian real estate assets, moves that signal a tighter focus on its core business and brand strategy. Kering's message - heritage over haste - is one not all luxury players may be able to afford. But if it pulls through, it'll be because it stood by elegance, even when tariffs made shortcuts tempting. Related: Versace, Michael Kors, Jimmy Choo stumble hard The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
4 hours ago
- Yahoo
How a little-known Texas city turned into the energy export gateway of the country
On New Year's Eve on the last day of 2015, the Port of Corpus Christi quietly exported the United States' first crude oil barrels in 40 years just two weeks after Congress lifted the ban that dated back to the 1973 Arab oil embargo. Less than a decade later, the sleepy Texas beachside city has expanded rapidly into America's largest energy export gateway through a network of pipelines, storage tanks, docks and, this week, the completion of a prolonged ship channel dredging and widening project that should soon allow the single port to ship out almost as much crude oil as Iraq. 'It's very similar to the real estate markets: Location, location, location,' Port of Corpus Christi CEO Kent Britton told Fortune, noting that the port's total tonnage volumes have essentially tripled in a decade. 'The growth has been just astronomical. It's truly astonishing.' The port is now shipping out more than 2.4 million barrels of oil daily—roughly 60% of the entire nation's crude exports—and almost 20% of the country's liquefied natural gas exports. Those LNG volumes are expected to almost double in a couple of years once LNG pioneer Cheniere Energy completes a series of expansions. Corpus Christi offers a series of logistical benefits for liquids that cannot be matched by the much larger Houston Ship Channel or any other ports. Corpus Christi is the closest to West Texas' landlocked Permian Basin, which began to boom along with the lifting of the export ban. Corpus is much less congested than Houston, and Corpus easily opens up to the Gulf of Mexico's deep waters, especially now that the port is dredged to 54-foot depths throughout. 'I think there's a there's a little bit of luck involved in just fortuitous timing,' Britton said. 'But there was also a concerted effort on the port's part to say, 'We're going to have the deepest ship channel on the Gulf Coast, and you should be coming here.'' The federal feasibility study to expand the port started way back in 1990 only for the funding not to start flowing until 2018—such is the pace of bureaucracy, but well timed after the lifting of the export ban—when heavy construction began for the first of four phases—all of which are now finished. Likewise, Permian Basin and overall U.S. oil and gas production spiked to the record highs of today. 'As the Permian production grew, your exports grew, and the Corpus docks grew,' said Kristy Oleszek, director of crude oil at East Daley Analytics. 'They were all growing in tandem. And not by coincidence. 'The Permian barrel is a very desirable quality to export,' she added. 'One thing Corpus really provides is direct access from the Permian to the docks.' The Permian and Corpus may be more than 450 miles apart across most of Texas connected via long-haul pipelines, but it's still a straight path without much traffic in between. The Corpus channel improvement project cost $625 million and is projected to save customers up to a combined $200 million per year by speeding up the trips of crude carriers and using fewer vessels. Smaller ships will no longer be needed as much to top off the bigger crude carriers in deeper waters because they couldn't fully load at the shallower 47-foot depths—a time-consuming and expensive extra step. 'We're moving more crude oil now than we were five years ago with fewer ships,' Britton said, with traffic now more focused on very large crude carriers (VLCCs) and Suezmax tankers. The Suezmax, which holds 1 million barrels, can now fully load at the deeper depths. Even amid weaker crude prices and the Permian maturing and its production potentially plateauing, Britton still sees Corpus' export volumes growing to as much as 3 million barrels a day in the next couple of years as more pipeline and dock expansions are completed. 'Other than the original creation of the port, this is probably the most significant project we've ever done, both from a cost perspective and from an impact on world markets,' he said. Before the port's improvement project started, there were two key and somewhat serendipitous events initiated separately by Occidental Petroleum (159 in the Fortune 500) and Cheniere (275 in the Fortune 500). Already positioned with an OxyChem petrochemicals facility by Corpus, Occidental bought the shuttered Naval Station Ingleside by the port in 2012 for just $82 million to transform it into an export terminal for its products. After the lifting of the crude export ban, Oxy focused on making its renamed Ingleside Energy Center a prime oil-exporting hub. After building it out, Oxy sold it as part of a terminals and pipelines package for $2.6 billion in 2018. Enbridge, the largest midstream pipeline and terminal company in North America, then bought it for $3 billion in 2021 and has continued to grow it ever since, including new storage tank construction ongoing now. Enbridge also is expanding its Gray Oak Pipeline to transport even more oil from the Permian to Corpus for export. The Enbridge Ingleside Energy Center is by far the largest oil-exporting terminal in the Americas, able to simultaneously load two VLCCs—the largest oil tankers that can carry 2 million barrels of oil each. And Enbridge is just one of several oil exports at the port. Likewise, Cheniere first began planning Corpus Christi LNG way back in 2003, but it was designed as a gas-import project long before the U.S. was approaching any degree of energy security following the shale oil and gas boom that took off shortly thereafter. Cheniere soon pivoted, building Corpus Christi LNG as the first large, greenfield LNG export project built in the country. Construction started in 2015 and exports commenced in 2018. 'They did such a fabulous job pivoting from that import play when the shale revolution started, and everyone realized that we were going to have excess gas to become an exporter,' Britton said of Cheniere. 'They just they just hit it right. They get a little lucky on the timing as well, but it was a lot of vision and recognition of what's going on in the market to flip that switch.' As a result, the U.S. became a net energy exporter for the first time ever in late 2019—a position that's only been strengthened ever since. Cheniere is currently completing a third phase of Corpus Christi construction by late 2025 or early 2026, and then a midsized follow-up project is planned to take Corpus Christi LNG to an export capacity of 16.5 million metric tons of LNG annually now to more than 30 million metric tons. Cheniere has the acreage for a fourth phase of expansions but has not yet made any decisions. 'LNG is really taking off,' Oleszek said. 'Crude oil kind of had its day in the sun and now it's moved over to LNG. Crude oil is still growing, but not nearly as much [as gas].' This story was originally featured on


CNBC
8 hours ago
- CNBC
Peak private equity? Sector gets defensive about its ability to generate top returns
BERLIN — Private equity's biggest annual gathering is called SuperReturn, but its returns haven't been looking quite so super of late — leading the industry to urge investors to ride out the uncertainty. At this year's conference in Berlin, Germany there was a clear acceptance that a previously forecast 2025 boom in M&A and initial public offering activity has not materialized. And that is putting private equity — which ballooned following the Great Financial Crisis as an alternative funding source to risk-averse banks, now rivaling many of them for size — under pressure. But panels and sideline discussions at the event showed plenty of fighting spirit, with some attendees defending against the narrative that dealmaking is drying up or that the public markets might be a better bet for returns. Many enthused about growth areas ripe for private equity backing, including European defense firms, undervalued mid-caps and Middle Eastern data centers. The event at the Intercontinental Hotel hosted nearly 6,000 attendees this week, with headline keynotes from Carlyle Group Co-chairman David Rubenstein and Blackstone Vice Chair Thomas Nides. Tennis superstar Serena Williams and U2 frontman Bono were also among the speakers. "There is no doubt exits have slowed due to headwinds from geopolitical tension and volatility in public markets. As a result, we have seen companies stay private for longer," said Nalin Patel, lead private capital research analyst at PitchBook. An "exit" refers to when a private equity fund exits its investment in a firm, be it through a sale, IPO or process called a dividend recapitalization. Pitchbook data for the first three months of 2025 showed exit values in Europe dropped 19% quarter-on-quarter, as exit count fell 25.2%. The industry is, meanwhile, holding nearly 30,000 unsold companies worth about $3.6 trillion, according to a March report from Bain. That means limited partners (LPs) — investors in funds — can't realize returns or access cash, while general partners (GPs) — the managers of funds — are spread more thinly across their portfolio companies. U.S. tariffs were repeatedly cited at SuperReturn as having reduced overall market risk appetite, coming just as the industry had been betting on some respite after being rocked by the Covid-19 pandemic, supply chain disruption and higher interest rates. Yann Robard, managing partner at alternative asset manager Dawson Partners, told a packed crowd that private markets are going through a cyclical dip, but that "on average and over the long term, our analysis suggests that private equity outperforms public markets." Assessing data since the start of 2000, Robard said a $1 investment in a Russell 3000 index would have generated a 6.6 times return versus a 19.9 times return in private equity. He added that the sector has better weathered volatility despite its higher leverage — illustrated by a flood of private capital, which has tripled in the last decade from $5 trillion to $17 trillion. Private equity's surge was supported by more than a decade of ultra-low interest rates, with dealmaking hitting a peak in 2021 as low rates met a Covid rebound and fiscal support packages. A core issue hanging over buyout firms now is that many "just paid too much" during that period, said John Romeo, managing partner at management consultancy Oliver Wyman, on the sidelines of the event. "It may have been for good companies, but they just paid too much, so they're not going to make the target returns on those, and that's blocked up the system a little bit. At some point that has to pass," Romeo told CNBC. "I'm still very bullish on private equity." "If I compare how well prepared a private equity firm is in their monthly board meeting with a company, they know the ins and outs of that perfectly, compared to a public market investor who just doesn't have the same level of information or levers to control." Recent years have seen new trends in the private equity world: the rise of continuation vehicles, in which firms essentially dispose of stakes in their companies to new funds they've created; Net Asset Value (NAV) lending, where loans are made against a portfolio's underlying value; and secondaries, in which existing interests or assets are bought from primary private equity investors as a way for LPs to access cash. "The secondary market is hot, it's on fire," said Richard Hope, head of EMEA and global co-head of investments at Hamilton Lane. While it may have arisen as a way to overcome challenges in the industry, Hope said: "Those investing into the secondary market really like it. It's short-duration, it gives you nearer-term liquidity, and it actually gives you an enhanced return. Some investors are looking at in a positive way and want to add it to their portfolio." There has been a push toward getting retail investors involved in the space — traditionally the preserve of large institutional investors — including via an exchange-traded fund launched by State Street and Apollo Global Management in March. Family office representatives were also a notable presence on the ground at SuperReturn. Consolidation has been another consequence of the changing environment, which Rob Lucas, CEO of CVC Capital Partners, expects to continue. He agreed the market sees stronger and weaker cycles, and was currently in the latter, but stressed that making the right investments during periods of volatility generates the strongest returns. "What our LPs are looking for from us is more demanding, in returns, governance, compliance, sustainability, AI. All of these areas are hugely intensive and require depth and strength of platforms," he said during a panel. "Groups coming together is a natural part of that," he said, adding that private equity was still a "super strong asset class" with tailwinds supporting it.o One common refrain at SuperReturn in support of the outlook was the huge amount of "dry powder" — liquid assets — still available for many of the biggest names in the industry to deploy, estimated at over $1 trillion. Despite making the defense case for private equity's future, SuperReturn attendees agreed that huge uncertainty remained regarding the macro environment, not least with the U.S. trade issue far from resolved. A lot is resting on the expectation that fingers are poised on buttons, ready to set deals in motion as soon as some stability returns. Oliver Wyman's Romeo said that private equity has expanded into highly diversified financial institutions but will thrive by focusing on its bread-and-butter roots — finding companies at attractive prices and being laser-focused on improving profitability. "Firms have never had, really, this much money... The entry price that you go in at really matters, but then you've also got to have a real clear plan how you're going to drive that value creation," he added.