Yahoo has finally bought Arabic online portal Maktoob.com with more than 16.5 million unique users, to enhance its reach in the region.

However, Maktoob's Arabic search engine (Arabia) and Souq.com, are not part of the latest deal. The portal will be rechristened as 'Yahoo Maktoob'.

Maktoob.com, launched in 1997, is largely known for its social networking offerings. Earlier this year, the portal has started a business portal.

However, the company officials from both companies have declined to disclose the value of the deal. 

The deal is expected to be completed in the fourth quarter.