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Online Payments

Souq.com sells online payment arm CashU

Thursday 24 December 2015 | 09:33 AM CET

Souq.com, an ecommerce services provider, has sold its online payment arm CashU to local investors amid a uptick in mergers and acquisitions (M&A) despite the region’s economic woes.

CashU is an online payment platform that shoppers use to buy from stores on the internet. Dubai-based souq.com did not disclose the value of the deal. CashU’s general manager Thaer Suleiman and Dubai-based investment firm Genero Capital bought the business, which has operated in the MENA region since 2003.

Regional M&A rose in 2015 despite the crash in the price of oil and economic slowdown in energy-exporting countries in the Arabian Gulf region, the main regional M&A players. From January to September, 2015, the value of M&A in the MENA region reached USD 33.7 billion, up 23% from the same period in 2014, according to a report from Thomson Reuters and Freeman Consulting, thenational.ae reports.

Domestic and inter-Middle Eastern M&A decreased 2% year on year to USD 8.5 billion in the January-September, 2015 period, while inbound M&A rose 154% to USD 4.6 billion.

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