Middle East e-commerce to witness exponential growth
Electronic commerce in the Arab World will reach five billion dollars in 2002, estimated senior economist at the National Commercial Bank in Saudi Arabia, Saeed Al-Sheik. Al-Sheik added that commercial transactions via the Internet amounted to three billion dollars, $1.9 billion of which were executed in the Gulf Cooperation Council (GCC) states.
In contrast, the Beirut-based IFP Company, sponsor of the upcoming e-commerce exhibition this April, estimated that Middle East Internet spending will hit a much lower one billion dollar commerce level by 2002. The region will conduct an estimated $250 million worth of business over the Internet by year-end 2001, IFP asserted.
According to the Arab Economic Unity Council (AEUC) commercial transactions executed via the Internet in the Arab world hit $150 million in 2000. The Council reported that e-commerce transactions worldwide stood at $74 billion during the same period.
Beirut’s upcoming e-commerce exhibition will be a forum for international exhibitors planning to enter Middle East markets and to establish or sustain relations with regional key buyers and decision-makers. The fair will be a platform to showcase products, covering the full spectrum of e-commerce and related IT needs. — (menareport.com)
© 2001 Mena Report (www.menareport.com)