Souq.com, a major UAE-based online retail and market place platform, announced the completion of a funding round that saw the company raise funds of over USD275million (AED1 billion), quoting it as “the largest financing of an e-commerce business in the Middle East”. The investors that participated in this round of funding included international investors, Tiger Global Management (New York- based) and Naspers Ltd (South Africa-based), that took part in earlier funding rounds, along with Standard Charted Private Equity and IFC. The company plans to use the funds for further investments in technology, scaling market place operations and launching new product categories, according to the company’s CEO, Ronaldo Mouchawar. The e-commerce market in the Middle East is expected to reach USD20 billion in 2016, the CEO added. ( Company Disclosure)