Fighting back the COVID-19-induced economic downturn, GCC countries have turned to the e-commerce sector to boost commercial activity and shore up contracting balance sheets. The decision is already paying dividends.
Across the MENA region, Saudi Arabia and the United Arab Emirates (UAE) have pioneered a region-wide pivot towards digital commerce, online retailing, and electronic markets.
Together with Egypt, Saudi Arabia and the UAE now account for more than 80% of the region’s overall e-commerce market.
An improved regulatory support, government promotional initiatives, and heightened interest from entrepreneurs and business leaders in the private sector are also benefitting the region’s e-commerce sector.
Spurred on by a highly digitized population and a lockdown-induced spike in consumer demand, e-commerce companies boomed across MENA, pushing the industry to a $22 billion valuation by the end of the year 2021.
Here is how ecommerce sector is doing in the GCC countries:
