According to Arab Business Week, Visa, an international electronic Payment platform, released a new report showing, the number of online shopping transactions in the Middle East and North Africa region increased by 44% in 2018, and the e-commerce industry in the region continued to expand rapidly.
Last year, BMI research reported that the e-commerce industry in the Middle East and north Africa is growing rapidly and is expected to reach $48 billion in output by 2022, with the uae and Saudi Arabia growing the fastest, reaching 16.4% in the next few years.
Baricordi, general manager of Visa’s Central and North Africa region, said the development of the e-commerce industry had brought great opportunities to both merchants and banks.
According to Malik Shehab, founder of Golden Scent, a middle eastern platform for perfume and cosmetics, there is still room for growth in the e-commerce sector in gulf states.
Overall, the results of the 2018 listed companies survey show that investors are more confident in the Middle East, especially the gulf, despite the possibility of geopolitical risks and economic fluctuations.