The UAE e-commerce and online marketplace website JadoPado has been acquired by a technology fund led by Dubai billionaire and Emaar Properties chairman Mohammad Al Abbar, his spokesperson said in a statement to Reuters on Thursday.
The transaction comes soon after Amazon’s acquisition last month of regional e-commerce website Souq.com, described by adviser Goldman Sachs as “the biggest-ever technology M&A transaction in the Arab world”. JadoPado’s website was shut down earlier this month, with a message saying that it “has been acquired by a large regional business”, without identifying the name of the buyer.
Al Abbar is the founder and chairman of Dubai’s Emaar Properties.
tagsUnited Arab Emirates