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Jeff Bezos’ personal fortune increased by a whopping $1.5 billion today following a big jump in Amazon’s stock price. The $18.32 rise in the online retailer’s value is tied to the exciting announcement that it will acquire the Dubai-based, for over $600m in a deal that Goldman Sachs called, “the biggest-ever technology M&A transaction in the Arab world.”

The Amazon founder has added $10.2 billion this year to his wealth and $7 billion since the global equities rally began following the election of Donald Trump as U.S. president on Nov. 8. The rise is the third biggest on the Bloomberg index in 2017, after Chinese parcel-delivery billionaire Wang Wei’s $18.4 billion gain and an $11.4 billion rise for Facebook Inc. founder Mark Zuckerberg.

That makes two reasons that Bezos can be happy about Trump being President. Not only have the markets been making rich people richer in anticipation of a big tax cut, but the Bezos owns the Washington Post has been absolutely thriving with so much scandal to report on, so whilst the rest of the world is livid about Trump and his legislation, the big boys are laughing all the way to the bank and if their fortunes continue to rocket you would be forgiven for believing they may well put their money behind a (dare I say it) second term in the White House for President Trump.

Jeff is now only $10.4 billion behind Microsoft founder Bill Gates, lets see how that pans out anyway,

It is almost always the case that Amazon build its own presence when entering new markets like they have in India, and China, but as is the biggest player in the GCC, it now appears to be going for the faster market entry approach in the Middle East is this acquisition of the already established brand and its local logistics operations and customer base.

“Having a big US company such as Amazon interested in the Arab region and looking at buying, betting money on it, means it believes in this region, which is a good sign to all of us,” said Fadi Ghandour, executive chairman of Wamda Group and board member at The Abraaj Group, the worlds most influential PE firm in growth markets.

“Amazon and share the same DNA – we’re both driven by customers, invention, and long-term thinking,” said Russ Grandinetti, Amazon Senior Vice President, International Consumer in a statement. “ pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We’re looking forward to both learning from and supporting them with Amazon technology and global resources.”

“We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our ecommerce presence on behalf of customers across the region,” said CEO and cofounder Ronaldo Mouchawar. “By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers.”

Subject to closing conditions, the acquisition is expected to close in 2017.

Not only is Amazon buying, but it has also today bought Payfort.

“Today as part of Souq Group Inc. we are pleased to officially announce that Payfort International Inc. and its subsidiaries will be acquired by Amazon through Amazon’s acquisition of the Souq Group. We are excited about the future opportunities that are ahead of us as part of Amazon,” said Payfort CEO Omar Soudodi in a statement.

Payfort was established in 2013 to build online payment portals for businesses.

Yesterday Emaar announced that it had also submitted an $800 million bid for the online retailer. This bid is “in line with the strategy to align commerce with physical shopping” according to a statement released today by Emaar Malls.

However, it has been reported that had entered an exclusivity period with Amazon, meaning that could not entertain other bidders during that time. Amazon has reportedly offered upwards of $580 million.

The Emaar offer for $800 million was thought to include a $500 million convertible deposit, according to Arabian Business. If approved, the impact on Emaar Malls’ profit for the quarter in which the acquisition is completed and for the year 2017, would not have been material.

Regional malls are worried, and traditional family retailers are under threat.

“Everyone in the region is on notice, innovation is the name of the game, Amazon is here to make sure we are all paying attention with superior products and services” Ghandour said. “As we think about the future of retail we need to do so online and offline. All retail players, big or small need to find their niche to ready themselves for this new game in town.”

December last year, before talks about Amazon’s deal with started, Emaar chairman Mohamed Alabbar announced he planned to launch Noon, a $1 billion e-commerce platform. The launch date is supposed to be within weeks, and may shake up the region’s small but fast-growing e-commerce sector.

Noon originally secured investment from Saudi Arabia’s Public Investment Fund (PIF), and is part of Alabbar’s plan to build homegrown tech giants. It’s a vision backed by Saudi Arabia’s deputy crown prince Mohammed bin Salman, who sees technology investment as key to the oil-dependent kingdom’s ambitious diversification reforms.

In the past few months large bricks-and-mortar retailers, such as Al Hokair Group, Al Futtaim Group, Al Tayer, Al Shayeh and Landmark, have started looking at e-commerce as a way to maintain market positioning, after giants such as Noon revealed their plans to enter the region. was cofounded in 2005 by Ronaldo Mouchawar, Samih Toukan and Hussam Khoury, and its previous shareholders include South Africa’s Naspers Ltd, Standard Chartered Private Equity, IFC (a member of the World Bank Group), Baillie Gifford and Tiger global.

I have spent a lot of time in Dubai in a previous role a few years ago and the tech startup eco system was way behind Europe, but there has been lots happening since then, the eco system has yet to fully mature, but already we are seeing huge successes coming out of the region and I am confident there will be more to follow.

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