ESIP Souq

completed

Souq.com (“Souq”, or the “company”) is the largest e-commerce site in the Middle East featuring more than 600,000 products across 21 categories in consumer electronics, fashion (apparel and accessories), personal care, and home improvement. Founded in 2005 and based in Dubai, with some 2,000 staff it has operations in Egypt, United Arab Emirates (UAE), Saudi Arabia (KSA), and Kuwait and plans to grow in existing markets and across new markets in the MENA region including emerging markets. The company’s headquarters is located in Dubai in leased office space with head offices and warehouses in the United Arab Emirates (UAE), Saudi Arabia (KSA), Egypt and Kuwait. The company also has technology hubs in Jordan and India. In the UAE, Souq has nine facilities (including a distribution center or termed a Fulfillment Center (FC), logistic centers/stations and care center) and two operational offices. In KSA, the company has two FCs, one of which is the largest with a total area of 10,500 sq.m, as well as two warehouses, a care center, and 8 logistic centers/stations. The company is planning to lease a third FC in Saudi with an expected built up area of 15,000 sq.m. Souq also has an FC in Cairo and six logistic stations and an FC in Kuwait with one logistic station. All facilities are located on leased land situated in industrial zones. The total square meter of all present facilities combined is 61,428 sq.m.The proposed IFC equity investment for is to support the company in its plans to expand its operations in existing and new markets (the “Project”).