On-line transactions in Middle East at $150 million
Commercial transactions executed via the Internet in the Arab world last year at $150 million, according to the Arab Economic Unity Council (AEUC). The council estimated such transactions worldwide at $74 billion during the same period, reported Al-Bayan daily.
AEUC urged the Arab world to develop and utilize electronic transactions, which provide rapid and safe commerce, as a means to enrich pan-Arab exchanges. These exchanges presently constitute a mere 10 percent of total commerce in the region, which stands at $300 billion.
A recently released report estimated that spending on advertisement via the Internet in the Middle East region would grow to $8.5 billion next year. This figure implies a 42 percent jump compared with the current year, according to Ksa Today daily.
Secretary General of the company, Ahmad Juweili, revealed earlier this year that AEUC had decided to establish a $50 million e-commerce firm to promote the integration endeavor. — (Mena Report)
© 2001 Mena Report (www.menareport.com)