Firm exiting the market amidst heavy competition.
US-based daily deals website LivingSocial is looking to pull its operations out of the Middle East, according to a report published by The National, just under a year of entering into the market. The firm acquired local deals site GoNabIt back in June 2011, but since then has faced stiff competition from a barrage of similar websites launching in the region.
According to the report, anonymous sources say that LivingSocial is rumored to be in talks to sell its 750,000-strong subscriber list, which is predominantly based in UAE, Egypt and Lebanon. The closure follows up from the Netherlands operations closing down earlier this year, a mere six months after launching. Its other business LivingSocial Adventures which caters to activities such as skydiving also shut down in around thirty markets that it was operating in.
Read the entire report here.