Souq An Amazon Company

The website was founded in 2005 by co-founders Ronaldo Mouchawar and Samih Toukan. It was initially an auction site linked to internet portal Maktoob. In 2011 after Asif Keshodia joined as the Group CFO, Souq.com changed its model to an online shopping site similar to Amazon.com with a marketplace and retail items for sale on its platform.

In March 2014, the company raised $75 million from Cape Town, South Africa-based Naspers, bringing the total Souq.com had raised since its inception to $150 million. As of 2014, Souq.com had raised $150 million, the largest amount raised by any internet-based business in the Middle East.

The company was backed by Tiger Global Management and Naspers Ltd. as of 2015, among other companies, and headquartered in Dubai. In October 2015, it was reported that in a round of fundraising, the company was valued at around $1 billion. At the time, it had around 10 million visitors monthly in the 2nd place after Digikala by 51 million visitors monthly.

On March 27, 2017, Emaar Malls, described by the BBC as "the operator of Dubai's biggest mall," made an offer for Souq of $800 million. On March 28, 2017, Amazon.com Inc. confirmed it would be acquiring Souq.com for an unknown value. A source told the Wall Street Journal the deal was worth around $700 million. The Financial Times reported that the deal was "understood to be worth more than $650m. The BBC also reported that Amazon might be paying about $650 million. The deal was planned to be completed later in 2017.

Souq.com is now a subsidiary of Amazon, and acting as Amazon's arm into the Middle East region.

Souq has one of the leading black fridays in the gulf area with sales increasing YOY.

In May 2019 Souq become Amazon.ae