Yahoo Buys Maktoob.com in Mideast Push
Yahoo, owner of the second-most popular Internet search engine in the United States behind Google, agreed to buy Arabic-language Internet venture Maktoob.com as it seeks to enter the Middle East market, Bloomberg News reported.
Yahoo, which announced the acquisition Tuesday at a news conference in Dubai, did not disclose the terms of the agreement. The transaction is set to be completed in the fourth quarter of this year.
“Yahoo sees tremendous growth opportunities in the region,” Keith Nilsson, Yahoo’s senior vice president and head of emerging markts, said at the press conference. “Maktoob is a terrific local brand. Yahoo will be combining its global technology and Maktoob’s local Arabic content.”
Tags: Acquisition, Deal, Internet, Jabbar Internet Group, Maktoob.com, Middle East, New York Times, Yahoo
About the Author
SayginYalcin Saygin is the Founder & CEO of the Middle East's (ME) first & largest car buying service, SellAnyCar.com and Founder of the first & largest online private shopping club in the ME, Sukar.com, which has been acquired by Souq.com, making him Partner at the Souq.com and Jabbar Internet Group, becoming the largest ecommerce company in the Arab world, with 3000+ employees. In its largest acquisition outside the US to date, Amazon.com has acquired Souq.com Group. He has been selected as a UBS Industry Leader, a network of Ultra-High-Net-Worth Individuals.
He was also Advisory Board Member & Academic Lecturer of Entrepreneurship at the Canadian University of Dubai.
He was referred to as "the region's online business guru" by the National newspaper in the UAE, while Arabian Business named him as "one of the region's finest young entrepreneurs and a major part of the entrepreneurial scene in recent years".
Fortune magazine (mag) named him in the 40 under 40 list, as one of the most influential young people in business, Entrepreneur mag ME awarded SellAnyCar.com, with Saygin at its helm, as the "Fastest Growing Company in the ME", while the National newspaper sees it among a handful of tech companies to "have the potential to break the $1bn barrier". In a cover story, Entrepreneur mag ME titled him as "undoubtedly one of the youngest & most successful internet entrepreneurs in the ME”, awarded SellAnyCar.com as "Technology Innovator of the Year”, while Khaleej Times awarded him as the Technology Leader. Gulf Business selected him as 1 of the Top 10 Entrepreneurs in ME.
In a cover story, Arabian Business counts him as 1 of the most successful entrepreneurs to call Dubai home. During the World Government Summit, HH Sheikh Saif Bin Zayed, Minister of Interior of the UAE, presented Saygin as an inspiring story for the country, in the presence of world leaders, incl. HH Sheikh Mohammed Bin Rashid Al Maktoum.