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Mon 13 Nov 2000 04:00 AM

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Maktoob opens Middle East online auction site

MazadMaktoob will allow businesses and individuals to sell over the Internet at prices dictated purely by customer demand.

Maktoob.com has added an auction site to the range of services it offers. MazadMaktoob, which acts exactly like the famous e-bay.com international auction site, has the additional benefit of being bilingual for the Arabic market.

Samih Toukan, managing partner of Maktoob.com, explained that the new service provides an important interface for consumer-to-consumer personal traders as well as local and international businesses (B2B) to reach out to their target clients or new markets, using a medium that is affordable, efficient and reliable.

“The benefits of partnering with us in this unique concept are immense," Toukan said. “Participating companies are immediately guaranteed an online consumer base of 600,000 registered members, growing at an average rate of 2,000 per day. Naturally, this gives companies an important and affordable medium to propagate their products and services.”

MazadMaktoob works by allowing any registered user to post items for auction to the site. The user’s details are available to any potential buyer who wants to bid for that item.

As with traditional auctions, several buyers can bid-up the price of any item until it reaches a level that the seller is content with. The winning bidder then pays for the item using a credit card and the item is dispatched directly from the buyer to the seller. The cost of that transportation is met by either the buyer or the seller, and this has to be agreed before a transaction is completed.

Auctions run for a fixed period of time, and if the item up for auction does not reach a price at which the seller is satisfied (a reserve price), the deal will not go through.

Buyers do not have to pay anything to use MazadMaktoob while sellers pay only a minor commission in the event of a sale.

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