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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Ecommerce prospers in GCC amidst Covid-19 woes

  • Together with Egypt, Saudi Arabia and the UAE now account for more than 80% of the region’s overall e-commerce market.
  • Spurred on by a highly digitized population and a lockdown-induced spike in consumer demand, e-commerce valuation hits $22bn

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: