The Arab Federation for Digital Economy and the Union of Arab Chambers have joined forces to sign a cooperation agreement at the Entrepreneurs Investment Summit, which was held concurrently with the Annual Investment Meeting 2023 (AIM) in Abu Dhabi. The deal was inked in the presence of senior representatives from both organizations and Arab economic figures. The agreement underscores the need for cooperation in the pursuit of a common Arab vision for the digital economy. It aims to strengthen the Arab digital economy, improve Arab trade exchange, promote intra-Arab trade, and leverage e-commerce and modern technology to enhance Arab food security.
The two organizations have committed to expanding the application of the Arab Free Trade Agreement, as well as 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 the fastest-growing in the world, with a worth of $49 billion by the end of 2022. Currently, 60% of Arab consumers use digital payment channels when shopping online, representing a 20% surge from 2021.
Companies in the Middle East and North Africa region generated combined profits of $201.7 billion in 2021, an increase of 121% from $91 billion in 2020, signaling a significant recovery. The new agreement aims to build on this progress and further strengthen the Arab digital economy.
Professor Dr. Khaled Hanafi, Secretary General of the Union of Arab Chambers, expressed his optimism towards the collaboration agreement, saying that the strategic partnership between the two organizations would result in significant leaps in the Arab region’s digital economy. He added that they were pleased to be working together to achieve the Arab digital economy’s vision for development.
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, remarked that the agreement would support the development of the Arab digital economy, which would ultimately stimulate economic growth in the region. He said that they were confident that this partnership would help accomplish the shared vision of the Arab digital economy and act as a catalyst for its growth.
The Entrepreneurs Investment Summit, which took place during AIM 2023 in Abu Dhabi, brought together an array of investors, entrepreneurs, and business leaders from all over the world. The conference provided an opportunity for attendees to exchange ideas, learn from industry experts, and explore investment prospects in various sectors.
AIM is an annual gathering of investors and business leaders from across the globe. The conference provides a platform for participants to network, share ideas, and explore investment opportunities in emerging markets. AIM focuses on six key sectors: energy, infrastructure, technology, finance, healthcare, and education.
The United Arab Emirates (UAE) has been a frontrunner in promoting innovation and digital transformation, making it an excellent host for events like AIM. The UAE government has launched several initiatives aimed at advancing the digital economy, including the Digital UAE strategy and the National Innovation Strategy.
The collaboration agreement between the Arab Federation for Digital Economy and the Union of Arab Chambers represents an important step towards realizing a thriving and innovative digital economy in the Arab region. The partnership aims to boost the region’s digital capabilities, promote trade, and contribute to economic growth. The success of this partnership will not only benefit the Arab region but also have global implications for the digital economy.
The Entrepreneurs Investment Summit and the Annual Investment Meeting 2023 provided a platform for investors, entrepreneurs, and business leaders to exchange ideas, explore investment opportunities in various sectors, and learn from industry experts. The United Arab Emirates’ role as a frontrunner in promoting innovation and digital transformation makes it an ideal host for events like AIM.
The collaboration agreement represents an essential step towards realizing a thriving and innovative digital economy in the Arab region. The success of the partnership between the Arab Federation for Digital Economy and the Union of Arab Chambers will not only benefit the Arab region but also have global implications for the digital economy.
