Abu Dhabi: The Arab Federation for Digital Economy and the Union of Arab Chambers has signed a collaboration agreement aimed at boosting the Arab digital economy and enhancing intra-Arab trade.
The agreement was signed by Professor Dr. Khaled Hanafi, Secretary General of the Union of Arab Chambers, and Dr. Ali Mohamed Al-Khoury, Chairman of the Board of Directors of the Arab Union for Digital Economy. The signing took place at the Entrepreneurs Investment Summit held in Abu Dhabi alongside the Annual Investment Meeting 2023 (AIM).
The agreement highlights the importance of cooperation between the two organizations in realizing a common Arab vision for the digital economy. It also seeks to harness the power of e-commerce and modern technology to bolster Arab food security and increase the capabilities of e-commerce in the region.
The Arab e-commerce market has grown exponentially in recent years, with a value of $49 billion at the end of 2022. More and more consumers in the Arab region are opting to pay for their online purchases through digital channels, with 60 percent of shoppers using this payment method in 2022, up from 40 percent in 2021.
Companies in the Middle East and North Africa region have recorded significant profits in 2021, amounting to a combined total of $201.7 billion, a 121 percent increase from the previous year. The collaboration agreement is seen as a step towards further boosting economic growth in the region.