Arab Federation, Union of Arab Chambers sign cooperation deal

ABU DHABI: 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 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 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 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 USD 49 billion by the end of 2022. Today, 60 per cent of consumers in the Arab region pay through digital channels when shopping online, a 20 per cent increase from 2021.

In 2021, companies in the Middle East and North Africa region recorded combined profits of USD 201.7 billion, an increase of 121 per cent from USD 91 billion in 2020, indicating a significant recovery.