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When JadoPado inexplicably closed down earlier last month, rumors were rife that Emaar had purchased the site in order to merge it with its long-in-development and Souq.com competitor, Noon.com. Turns out the rumors were true: today a spokesperson confirmed that the technology fund led of Dubai billionaire and Emaar properties chairman Mohamed Alabbar had purchased the popular online marketplace.
"JadoPado has been acquired by the tech-fund launched by Mohamed Alabbar, in the first of several acquisitions and partnerships as part of his digital/tech investments in the region," the spokesperson said.
The transaction amount of the deal was not disclosed.
JadoPado was shut down earlier this month, with a message from its founder Omar Kassim saying that the website “had been acquired by a large regional business".
Alabbar currently leads a consortium of investors that have poured in a collective $1 billion to fund and invest in tech-driven entrepreneurship around the region. With Noon.com, the team had promised world class service and more than 20 million products on the site at launch. With such a vision, it only make sense to purchase JadoPado who already had thousands of products on sale from hundreds of sellers from all over the world.
The purchase comes soon after Amazon agreed to buy Souq.com, which was termed as “the biggest ever technology M&A transaction in the world” by a Goldman Sachs advisor.