Abu Dhabi, UAE— Designed to achieve a common Arab vision for the digital economy, the Arab Federation for Digital Economy and the Union of Arab Chambers signed a cooperation agreement at the Entrepreneurs Investment Summit, held in parallel with the Annual Investment Meeting 2023 (AIM) in Abu Dhabi.
The agreement stresses the importance of collaboration to achieve a common Arab vision for the digital economy. It aims to strengthen the Arab digital economy, enhance the reality of Arab trade exchange, and enhance intra-Arab trade.
It also aims to leverage e-commerce and modern technology to achieve Arab food security.
The agreement was signed by Professor Dr. Khaled Hanafi, Secretary General of the Union of Arab Chambers, and Dr. Ali Mohamed Al-Khoury, Advisor to the Council of Arab Economic Unity and Chairman of the Board of Directors of the Arab Union for Digital Economy, in the presence of high-level representatives from both organizations and Arab economic figures.
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 e-commerce market in the Middle East and North Africa is classified as the fastest growing in the world, with a value of $49 billion by the end of 2022. Today, 60% of consumers in the Arab region pay through digital channels when shopping online, a 20% increase from 2021.
In 2021, companies in the Middle East and North Africa region recorded combined profits of $201.7 billion, an increase of 121% from $91 billion in 2020, indicating significant recovery.