Internet brokers eye Middle East markets

Published October 3rd, 2000 - 02:00 GMT

International Internet brokerage companies have their sights on the Middle East as a potentially promising market for business expansion, despite the region’s unfamiliarity with the e-trade.  


Officials in several Internet companies say the Middle East, although slow in realizing the advantages of Internet trade, is a potential market for Internet stocks and bonds trade in international exchanges. 


The Dubai media club revealed in a special report published this week that international companies are looking into establishing Dubai Internet city as a base for their Middle East expansion. 


The New Jersey based ELG Direct E-Union Internet Company will be the first brokerage company to operate out of Dubai Internet City, its president, Ali Zahid, told the Dubai media club. Zahid said the potential for Internet brokerage businesses in the Middle East and North Africa is high and he expects other companies to follow suit. 


Internet brokering developed at high speed in the United States and Europe and has become big business. The Dubai media club said studies have shown that some 12 million people work in Internet brokerage and that the number is expected to reach 50 million within the next two years. The club did not name the studies. 


Zahid said companies such as his were encouraged by the facilities and services provided by the Dubai Internet City and by the climb in the number of Internet users in the Middle East. — (Albawaba-MEBG)

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