Billionaire Ronaldo Mouchawar, Vice President of Amazon for the Middle East and North Africa signed the MOU with Eng. Khalid bin Abdulaziz Al-Falih, Minister of Investment. In March 2017, Amazon acquired Souq.com for $580 million in cash… He introduced the ‘White Friday’ sales event in 2014, aligning with the US’s Black Friday, and emphasized the cultural significance of Friday as a day of prayer in the Arab world. The event was highly successful, generating over $275 million in sales. Souq.com’s rapid growth and success led to a significant funding round in February 2016, valuing the company above $1 billion, marking the Arab world’s largest funding deal at the time.
Ministry of Investment Signs MOU with Amazon Saudi Arabia (Ronaldo Mouchawar)
Saudi Ministry of Investment Partners with Amazon Saudi Arabia to Boost SME Growth
The Saudi Ministry of Investment (MISA) and Amazon Saudi Arabia have joined forces to enhance the Kingdom’s business landscape for small and medium enterprises (SMEs). Through a Memorandum of Understanding (MoU), both entities aim to cultivate growth opportunities and foster an environment conducive to innovation and development.
Joint Committee to Drive Reforms in Skills, Technology, and Infrastructure for Saudi SMEs
This collaboration will see MISA and Amazon establishing a joint committee to drive reforms, focusing on skill development, technological advancements, and infrastructure enhancements. Additionally, the partnership aims to bolster trust in online shopping and e-payment systems. By working closely with relevant public sector entities, MISA and Amazon seek to introduce support and incentive programs to accelerate investments in digital services and e-commerce across the Kingdom.
Minister of Investment and Amazon VP Sign MoU for Innovation and Job Creation in the Kingdom
The signing ceremony, attended by Eng. Khalid bin Abdulaziz Al-Falih, Minister of Investment, and Ronaldo Mouchawar, Vice President of Amazon for the Middle East and North Africa, underscores MISA’s commitment to forging strategic alliances with global leaders. Al-Falih emphasized the significance of creating enduring partnerships that deliver economic value and global expertise to the local market, aligning with the Kingdom’s Vision 2030. Mouchawar reiterated Amazon’s dedication to innovation, highlighting the company’s customer-centric approach and its focus on empowering third-party sellers with tools, technology, and skills to reach a broader customer base.
FII Forum: Future Investment Initiative with Ronaldo Mouchawar
The scene was set at the Future Investment Initiative’s 7th Edition on October 24th, 2023, where the air buzzed with anticipation as industry titans gathered to unravel the mysteries of tomorrow’s commerce. Amidst the opulent backdrop, where suits mingled with tech gurus, and money whispered sweet promises, one question echoed through the corridors of power: “What will change the future of commerce?”
In a panel moderated by the enigmatic Jane Witherspoon, Bureau Chief of Euronews Middle East, the spotlight shone on Ronaldo Mouchawar, the VP MENA of the retail behemoth Amazon. Ronaldo, a figure of intrigue and authority, took center stage, ready to unveil the secrets of the evolving commerce landscape.
The Journey Unfolds: A Tale of E-Commerce
As Ronaldo Musa embarked on a narrative journey through the labyrinth of e-commerce, he painted a vivid picture of Suit’s genesis in 2006. The platform, a visionary attempt to bridge Middle Eastern nations through technology, foreshadowed the seismic shift towards online shopping fueled by accessibility and an endless array of choices.
Social Commerce: Where Dreams Meet Reality
But it wasn’t just about transactions; it was about connections. Ronaldo delved into the mesmerizing realm of social commerce, where live streams birthed dreams and transformed viewers into buyers. In China, the land of innovation, live stream shopping was king, blurring the lines between entertainment and retail therapy.
Peering into the Crystal Ball: The Future of Social Media Buying
With a glint in his eye, Ronaldo prophesied the future of social media buying, where choice and curation reign supreme. Harnessing the power of AI and data wizardry, brands would craft bespoke experiences, tailored to the whims of each consumer cohort.
The AI Odyssey: From Recommendations to Revolution
But what of AI, the silent sentinel lurking in the shadows of commerce? Ronaldo unraveled its mysteries, from personalized recommendations to supply chain sorcery. In this brave new world, AI was the wizard behind the curtain, orchestrating a symphony of efficiency and delight.
The Payment Paradigm Shift: Fintech’s Rise to Glory
As the discussion pivoted towards payments, Ronaldo heralded the rise of fintech, championing concepts like “buy now, pay later” as harbingers of financial liberation. In a world where borders blurred and banking was a privilege, fintech was the great equalizer.
Small Business, Big Dreams: The Rise of the Underdog
But amidst the cacophony of giants, Ronaldo championed the unsung heroes: small businesses. Through platforms like Amazon, they found their voice in the global choir, serenading markets far and wide with their wares.
A Glimpse Behind the Curtain: Musa’s Musings
And in a moment of levity, Ronaldo peeled back the layers, offering glimpses of his personal odyssey through the Amazonian jungle. From late-night purchases to tête-à-têtes with Alexa, his was a life intertwined with the digital tapestry he helped weave.
The Legacy of White Friday and Beyond
As the curtain fell on this tale of commerce, Ronaldo’s legacy loomed large. His brainchild, Souq.com, birthed in 2005 alongside Jabbar Internet Group’s Samih Toukan and Hussam Khoury, revolutionized the Arab world’s e-commerce landscape. The introduction of ‘White Friday’ in 2014, a cultural homage to the Arab world’s Friday prayers, saw Souq.com’s sales soar to over $275 million. The company’s meteoric rise culminated in a funding round valuing it above $1 billion in February 2016, before Amazon’s acquisition in March 2017 for $580 million in cash. Ronaldo’s strategic prowess and leadership continue to shape the future of commerce, leaving an indelible mark on the industry’s fabric.
Interesting articles:
https://press.aboutamazon.com/2024/3/aws-to-launch-an-infrastructure-region-in-the-kingdom-of-saudi-arabia
https://www.forbesmiddleeast.com/leadership/leaders/amazons-ronaldo-mouchawar-on-expansion-in-mena-and-selling-souqcom
https://mediaoffice.ae/en/news/2023/March/21-03/Amazon-opening-a-new-Fulfillment-Center-in-Dubai-South
- Who is Ronaldo Mouchawar?
Crunch Riyadh Exclusive Ronaldo Mouchawar CEO of souq.com & VP Amazon MENA at Amazon. In March 2017, Amazon acquired Souq.com for $580 million in cash, with Mouchawar now serving as VP of Amazon MENA, highlighting his strategic leadership and impact in the e-commerce industry.
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Ronaldo Mouchawar, co-founder of Souq.com in 2005, alongside Jabbar, Internet Group’s Samih Toukan, and Hussam Khoury, expanded the platform to offer a wide range of products, making it the largest e-commerce retailer in the Arab world. He introduced the ‘White Friday’ sales event in 2014, aligning with the US’s Black Friday, and emphasized the cultural significance of Friday as a day of prayer in the Arab world. The event was highly successful, generating over $275 million in sales. Souq.com’s rapid growth and success led to a significant funding round in February 2016, valuing the company above $1 billion, marking the Arab world’s largest funding deal at the time.
April 11, 2024
This is great! 👍
Ronaldo Muchavar — CEO and Co-founder Souq dot com,
an e-commerce platform acquired by Amazon.
His leadership and vision have made him a key figure in the technology industry, exemplified by his involvement in projects such as the AWS Saudi Arabia 2026 initiative.