At the Entrepreneurs Investment Summit in Abu Dhabi, the Arab Federation for Digital Economy and the Union of Arab Chambers signed a cooperation agreement aimed at strengthening the digital economy in the Arab region. 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 agreement highlights the importance of cooperation to achieve a common vision for the digital economy in the Arab region. Its main objectives are to enhance intra-Arab trade, strengthen the Arab digital economy, and leverage e-commerce and modern technology to achieve Arab food security. Additionally, the two parties are committed to expanding the application of the Arab Free Trade Agreement and increasing the capabilities of e-commerce and modern technology in the Arab region.
The Middle East and North Africa (MENA) region has the fastest-growing e-commerce market in the world, with a value of $49 billion expected by the end of 2022. Currently, 60% of consumers in the Arab region prefer to pay through digital channels when shopping online, representing a 20% increase from 2021. This highlights the growing importance of e-commerce and digital technologies in the region.
In 2021, companies in the MENA region recorded combined profits of $201.7 billion, an increase of 121% from the previous year, indicating a significant economic recovery. The cooperation agreement between the Arab Federation for Digital Economy and the Union of Arab Chambers is expected to further enhance the region’s economic growth and development through digital transformation.
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