Dubai Eye 103.8

On Air Now
Afternoons with Helen Farmer
2:00pm - 5:00pm

Listen To Dubai Eye

Souq.com closes AED 1 billion round of funding

Monday, 29 February 2016 12:33

UAE-based online retailer Souq.com has closed a AED 1 billion funding round, in what the company claims is the largest financing of an e-commerce platform in the region. The website will use the investment to boost growth and support the online market. “The funding will be used to drive further growth by investing in technology, scaling our marketplace operations, launching new product categories and recruiting the best talent," said CEO & Co-founder Ronaldo Mouchawar. The fresh round of funding includes return investors New York-based Tiger Global Management and South Africa’s Naspers Ltd. Mouchawar added he expects the e-commerce market in the region to reach $20 billion this year.

More from Business

Former Binance chief guilty of money laundering

Changpeng Zhao, the former chief executive of Binance has been sentenced to four months in prison after pleading guilty to violating US laws against money laundering at the world's largest cryptocurrency exchange.
Emirates attracts pilots with higher salaries, new perks

Emirates Airline has announced significant changes to its pilot recruitment strategy, which includes higher salaries, new roles and a radical change to eligibility.
Spinneys increases IPO retail offering due to high demand

Supermarket chain Spinneys has announced its decision to increase the number of shares allocated to the UAE Retail Offering of its IPO due to high demand.
IMF $1.1 billion tranche to help Pakistan's economic stability, says PM Sharif

The disbursement of $1.1 billion by the International Monetary Fund (IMF) will help Pakistan achieve greater economic stability, Prime Minister Shehbaz Sharif said on Tuesday, amid discussions for a new loan programme.
UAE, Ukraine conclude terms of trade pact

The UAE and Ukraine have concluded the terms of a Comprehensive Economic Partnership Agreement (CEPA).

Coming Up on Dubai Eye

Off Script with Chris, Robbie & Sonal
5:00pm - 7:00pm

The UAE’s alternative take on news, entertainment and sport. Join Chris, Robbie and Sonal as they cut through the clutter to bring you the news, entertainment and sport stories that actually matter.
Extra Time
7:00pm - 8:00pm

Chris & Robbie bring you the latest from the sporting world plus interviews with upcoming and legendary sporting stars.

BUSINESS BREAKFAST LATEST

Is there a summer slowdown in the UAE property market?
John Lyons of Espace Real Estate says there is a slight slowdown in the property market during summer. So we asked him, does this mean prices are negotiable during the summer months?
UAE's new prosecution offices to deal with financial crime
Lawyer Rebecca Kelly of Clyde & Co. explained why UAE judicial authorities are setting up new offices to deal with financial crime, including money laundering.
Airalo
Airalo - an eSim company disrupting telco's roaming revenues, has raised $60 million in funding including investment from our own e&.

On Dubai Eye

Flying Taxis
It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.
Tough penalties for deliberate tax evasion
The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.