Yahoo! buys Arabic web portal Maktoob

Yahoo! Inc, one of the largest global online network of integrated services, has entered yesterday into a definitive agreement to acquire Arab world's popular online community Maktoob.com, aiming to expand into the emerging markets of the Arab region.

Although financial terms of the deal were not disclosed, some analysts estimate the value of Maktoob.com at around $85 million.

Maktoob.com, established in 2000, is part of the Jordan-based Maktoob Group and the portal is accessed by over 16 million unique users in countries that include UAE, Jordan, Kuwait, Egypt and Saudi Arabi, while Yahoo has 44 million users a month in the North Africa and Middle East region, the combination of which, will enable Yahoo access to millions of consumers in the Arab World.

This acquisition is part of Yahoo's larger strategy to expand its business throughout the world's emerging markets by connecting consumers with content and services in their local language, in this case with features such as Arabic versions of Yahoo's YahooMessenger and YahooMail services.

Yahoo! chief executive officer Carol Bartz said in a statement: "This acquisition will accelerate Yahoo!'s strategy of expanding in high-growth emerging markets where we believe Yahoo! has unparalleled opportunity to become the destination of choice for consumers."

''With the acquisition of Maktoob.com and our investment in the region, the Arab world will soon get a Yahoo! experience in Arabic with relevant local language content, programming and services," Bartz added.