A technology fund led by Dubai billionaire and Emaar Properties chairman Mohamed Alabbar has acquired UAE e-commerce and online marketplace website JadoPado, said a report.

JadoPado's website was shut down earlier this month, with a message saying that it "has been acquired by a large regional business", without identifying the name of the buyer, reported Reuters.

The e-commerce portal, which was launched in 2011, developed into a wider online marketplace that allows sellers to create their own virtual shops and sell directly to buyers.

"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," stated the report citing a company spokesperson.

This transaction comes soon after Amazon's acquisition last month of regional e-commerce website Souq.com, described by advisor Goldman Sachs as "the biggest-ever technology M&A transaction in the Arab world", the report added.