Amazon has recently launched its shopping site in Saudi Arabia with the aim to expand its e-commerce business in the country. The new website Amazon.sa is the rebranded portal of Souq.com.
The popularity of Souq.com and its huge customer base are likely to benefit Amazon’s business in Saudi Arabia. Further, the latest move bodes well for the company’s aggressive efforts toward expanding its online retail business globally, which have been aiding its dominance in the booming e-commerce market.
Moreover, the company’s leading position in this particular market has been driving the topline and instilling investor confidence in the stock. Coming to the price performance, Amazon has returned 43% on a year-to-date basis, outperforming the industry’s rally of 31.8%.
