Naspers confirms investment in Mideast e-commerce website

South African multinational media group Naspers has confirmed that it has bought a stake in one of the Middle East’s biggest e-commerce websites Souq.com.

Souq.com is owned by Al Jabbar Internet Group, which is based in the United Arab Emirates.

"Naspers has taken a significant minority stake in the business for an undisclosed amount," Napsers investment manager Meloy Horn told ITWeb Africa.

Arabian Business has reported that the value of Naspers deal with Souq.com is about $40 million, according to the publication's sources.

This means the deal could be the second largest investment made in an e-commerce and internet business in the Middle East since 2009. Back then, Arabic-language portal Maktoob.com was sold for $165m to Yahoo!