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 )