Fund led by Al Abbar buys UAE website JadoPado
United Arab Emirates e-commerce and online marketplace website JadoPado has been acquired by a technology fund led by Dubai billionaire and Emaar Properties chairman Mohamed Alabbar, 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 advisor 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.
The e-commerce portal, which was launched in 2011, developed into a wider online marketplace that allows sellers to create their own virtual shops and sell directly to buyers.
JadoPado declined to comment when contacted by Reuters, but said it will be making an announcement in the coming weeks.
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