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Amazon buys Middle East e-commerce giant Souq.com

Tech giant Amazon expanded its global reach Tuesday with the announcement of a deal to buy Dubai-based Souq.com, the Middle East's largest online retailer. The agreement, the financial details of which were not disclosed, brings Amazon into a fast-growing market as it continues to invest in its core retail network despite expanding into a wide range of services. It appears competition was fierce to acquire Souq.com, with the Amazon deal announced just a day after Dubai-based Emaar Malls confirmed offering $800 million…