• June 27, 2017
    Last updated 4 minutes ago

retail

Fund led by Al Abbar buys UAE website JadoPado

JadoPado’s website was shut down earlier this month, with a message saying that it ‘has been acquired by a large regional business’

Reuters
17:01 May 11, 2017

DUBAI

The UAE e-commerce and online marketplace website JadoPado has been acquired by a technology fund led by Dubai billionaire and Emaar Properties chairman Mohammad Al Abbar, his spokesperson said in a statement to Reuters on Thursday.

The transaction comes soon after Amazon’s acquisition last month of regional e-commerce website Souq.com, described by adviser Goldman Sachs as “the biggest-ever technology M&A transaction in the Arab world”. JadoPado’s website was shut down earlier this month, with a message saying that it “has been acquired by a large regional business”, without identifying the name of the buyer.

Al Abbar is the founder and chairman of Dubai’s Emaar Properties.