News

UAE e-commerce market value zooms to over $5b in 2021

Published

3 years ago

March 15, 2022

The UAE e-commerce sector continued to show growth in 2021 based on the recent report launched by EZDubai, the fully dedicated e-commerce zone in Dubai South, in partnership with Euromonitor International, the world’s leading provider for global business intelligence, market analysis and consumer insights. Total e-commerce in the UAE, reached just over $5 billion in 2021 and is anticipated to surpass $8 billion by 2025.

According to the report’s findings, more consumers in the UAE made online purchases across all categories during 2021 compared to 2020, with an average 75 per cent of respondents typically purchasing online. The fastest-growing sectors by industry from 2021 – 2025 will be homewares & home furnishings, food & beverage, and media products.

Countries in the Middle East are in a strong position to enable further e-commerce development thanks to high GDP per capita and internet penetration. The UAE and Qatar are in the strongest position, with GDP per capita above $40,000 and internet penetration above 90 per cent. Both countries have successfully implemented fiber access in homes and have the highest active mobile-broadband subscriptions in the region.

E-commerce in the MENA region is fast catching up with global powerhouses, such as China, with many online retailers scaling up services during Covid-19; by 2021, the total market size was estimated at $31.7 billion. The expansion of e-commerce in the MENA region is mainly driven by strong internet penetration rates, high possession of digital devices, rising incomes, improving logistic advancements, and the increasing presence of global and recognized players that have brought variety and availability to local consumers amidst the pandemic.

While the MENA is mostly a cash-based economy, after the pandemic, consumers shifted quickly to adopt credit and debit cards, driven by increased trust and the improvement of company operations. According to the report, in the UAE, credit/debit cards are the preferred method of payment.

UAE consumers purchase from cross-border retailers to access a wider range of products or search for lower prices or higher quality products not offered locally. The UAE also has affordable shipping costs for consumers looking to purchase outside the region. The leading countries, which UAE consumers purchase from include the USA, India and China and are often related to apparel and footwear as well as beauty and personal care. Foreign e-commerce (UAE consumers purchasing outside of the country) is rising fast, from 23 per cent of total e-commerce sales in 2019 to 26 per cent in 2021; this is expected to rise to 32 per cent in 2025.

The MENA is an active region for attracting local and international investments in e-commerce. With the current pace of developments and growing consumer preference for online retail, the region will see e-commerce growth of over $18 billion in absolute value terms over 2021-2025 reaching over $49 billion in 2025.

Announcements

Colliers Project Leaders, Middle East secures $250-million World Trade Center, Yerevan project

Published

13 hours ago

October 17, 2024

Staff Reporter

Leading diversified project management firm, Colliers Project Leaders – Middle East, has won the mandate to deliver end-to-end project management solutions for Armenia’s new World Trade Center in Yerevan, valued at USD ~250 million. A public-private partnership between the Armenian government and Renshin Ltd., the project is designed to be a state-of-the-art mixed-use development that will be home to commercial spaces, offices, retail outlets, hotels and exhibition halls. Well known for its expertise in the real estate industry and project management, Colliers has a proven track record of delivering large-scale, marquee projects including the World Trade Center in Bengaluru, India.

Colliers Project Leaders has a growing presence in the Middle East and has earned widespread recognition for its delivery of superior projects over the years, across segments like infrastructure, residential, education, healthcare and office. Known for its visionary leadership and the adoption of advanced tools and technologies, the firm has been redefining project management in the Middle East.

“We have always placed a strong emphasis on consistently growing our capabilities to keep up with the needs of the market. Whether it is the adaption of global best practices or the development of pioneering technologies, our end goal has always been to deliver superior outcomes. A project of this scale requires industry-leading strategic and technical expertise, which is our proven capability. We are grateful to Renshin Limited and the Government of Armenia for entrusting us with this marquee assignment and look forward to collaborating with our internal and external stakeholders in Middle East, India and Georgia to bring it to life.”, says Sankey Prasad, Chairman & Managing Director, Middle East & India, Colliers.

“The World Trade Center Yerevan project is a mixed-use, net-zero, landmark real estate development promising to become the new face of Yerevan. To deliver upon this promise, we are engaging the top talent, top expertise, and top global firms. After a rigorous and tough tendering process, we are glad to announce that Colliers Project Leaders were selected to become our trusted partners. We are especially happy and proud that our project has triggered Colliers International Group Inc. – Nasdaq & Toronto listed, Canada-based global professional services and investment management company, specializing in real estate, to enter Armenia and set up a permanent presence. This move is fully aligned with WTCY mission to promote international business relationships and expand Armenia’s participation in the world trade and investment. Looking forward to work with our esteemed Colliers colleagues in this unique endeavour”, says Artashes Tonoyan, CEO & Executive Committee Chair, World Trade Center Yerevan.

Announcements

World Tennis League announces partnership with sportswear brand XRT

Published

1 day ago

October 17, 2024

Staff Reporter

The World Tennis League (WTL) has announce their partnership with XRT, the premium British performance and sportswear brand, ahead of its eagerly anticipated third season. This collaboration promises to redefine the synergy between athletic performance and sports fashion, enhancing the experience for players and fans alike.

Set against the backdrop of the iconic Etihad Arena, the World Tennis League Season 3 will take place from December 19 to 22, 2024. The stellar lineup of tennis stars, including Iga Swiatek (Women’s World No. 1), Elena Rybakina (Women’s World No. 5), Daniil Medvedev (Men’s World No. 5), Andrey Rublev (Men’s World No. 7), and Taylor Fritz (Men’s World No. 6), is set to ignite the courts with unparalleled excitement and competitive spirit.

The partnership with XRT marks a significant milestone for both the WTL and the brand. This collaboration will hope to allow the players to perform at their highest level while looking their best, both on and off the court.

“We are delighted to join forces with the WTL, a league that shares our commitment to excellence and innovation. With this partnership, we hope to elevate the performance standards for the players, and also enhance the overall experience for the fans, who can look forward to exclusive XRT merchandise and activations throughout the event,” said Bilal Valli from XRT.

The World Tennis League Season 3 promises to be bigger and more thrilling, with a blend of top-tier tennis action and world-class entertainment. The addition of XRT as a partner enhances the league’s prestige, setting a new benchmark for sports events worldwide. Concert ticket holders can enhance their WTL experience by securing a discounted add-on Tennis ticket for the day’s matches. Tickets are available at etihadarena.ae

Event

DVCOM and ViewSonic forge strategic partnership to drive digital transformation across GCC

Published

2 days ago

October 16, 2024

Staff Reporter

World leading visual solutions provider ViewSonic is eyeing a renewed foray into the UAE market and the wider region following a strategic partnership announcement with region’s top value-added ICT distributors DVCOM.

This collaboration during GITEX 2024 designates the Dubai tech firm as ViewSonic’s main value-added distribution partner across the GCC region, focusing on channel management, alliances, and acquisition.

A Partnership Rooted in Shared Vision

“This association is set to accelerate digital transformation across the region, leveraging DVCOM’s vast regional presence and expertise in channel management alongside ViewSonic’s innovative and industry-leading visual technologies,” said Renjan George, Managing Director of DVCOM. “Our combined strengths will provide businesses with the tools they need to thrive in an increasingly digital world. By offering advanced display solutions, we are not just enhancing visual experiences but also driving productivity and collaboration. In today’s fast-paced and ever-evolving work environment, it’s essential that companies are equipped with the latest technology to stay competitive. This partnership is a step towards ensuring that organisations in the GCC region have access to cutting-edge visual solutions that enable smarter, more efficient ways of working.”

Thought Leadership at the Forefront

In addition to product distribution, DVCOM and ViewSonic will jointly emphasise thought leadership and market education. By sharing industry insights, best practices, and the latest trends, the partnership will enable businesses to better navigate the complexities of digital transformation, driving informed decisions and strategic growth in a competitive market.

“Beyond product distribution, this partnership is about empowering businesses through knowledge and innovation,” said George Mathew, B2B Solutions Sales Manager from ViewSonic, known for their world-leading visual display hardware—including liquid-crystal displays, and projectors —as well as digital whiteboarding software. “By collaborating with DVCOM, we are not only delivering industry-leading visual solutions but also championing thought leadership and market education. Together, we will share valuable insights, best practices, and emerging trends, helping businesses make informed decisions as they navigate the complexities of digital transformation. This approach will equip organisations with the tools they need to drive strategic growth and thrive in today’s competitive market.”

A Strategic Alliance for Growth

As the strategic value-added distributor, DVCOM will also nurture existing relationships, establishing new channel alliances, and ensuring deeper market penetration for ViewSonic’s cutting-edge solutions.

This partnership was officially unveiled at GITEX, the region’s premier technology event, further demonstrating DVCOM and ViewSonic’s commitment to empowering businesses with innovative visual solutions that align with their digital transformation goals.