Dubai could be a “magnet” for Chinese e-commerce companies to set up shop in the Middle East, according to Hamad Buamim, the President and CEO of the Dubai Chamber of Commerce and Industry.
In an interview with the China-based Global Times, Buamim said that “Dubai is gaining momentum as more consumers in this part of the world turn to digital platforms to buy products and services.”
“China is a market of strategic importance to Dubai, Dubai Chamber and the Middle East in general,” he added.
According to Dubai Chamber statistics, e-commerce sales in 2018 totalled $1.5 billion, a 19 percent increase from 2017.
By 2023, the figure is expected to rise at a 12 percent compound annual growth rate [CAGR] to $2.6 billion by 2023.
“Our sound regulations, coupled with a stable investment environment and the hugely untapped potential for e-commerce should be a magnet for Chinese companies to set up shop here.”
Additionally, Buamim noted that new e-commerce regulations from the Dubai Free Zones Council and the recent announcement of a new 920,000 square metre e-commerce zone in Dubai South’s Logistics District will likely help attract more Chinese e-commerce businesses to the emirates.
“I think all the initiatives put in place by Dubai should be an incentive for Chinese companies to explore Dubai as a base,” he said.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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