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Mon 12 Jul 2010 11:05 AM

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UAE auction site launches new platform for SMEs

Platform will offer retailers chance to save costs by selling products online.

UAE auction site launches new platform for SMEs


Souq.com

, the UAE-based auction site, has launched a new platform aimed at the Arab world’s budding entrepreneurs.

The platform, for small and medium enterprises (SMEs), will offer the opportunity for retailers to sell their products online rather than have a physical presence in a mall.

“Startups need solid technology platforms, technical assistance and market exposure to develop and grow their businesses. We believe that we can address these needs and bring value to regional entrepreneurs, by providing fast and easy access to their products with no upfront costs and minimal eligibility requirements,” said Ronaldo Mouchawar, CEO Souq.com.

“Additionally, this will also provide start-ups with increased visibility to potential investors, clients and partners to help accelerate business success and thereby foster innovation and encourage entrepreneurship in the Middle East.”

SMEs are the backbone of economies, accounting for 80 percent of GDP in Egypt, 50 percent in Jordan and 99 percent in Lebanon, according to Standard Chartered.

Souq.com was launched in 2005 and now serves over 500,000 active buyers and sellers in the region.

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scorp2x 10 years ago

This is great for SME's. However, until the various Emirates actually look at ways to help SME's to establish themselves in a very low cost manner the SME's will forever be burdened with high start up costs, reams of red tape and government apathy. This turns small entrepreneurs away! The various departments in different Emirates are only interested in the big name, big buck crowd and all are blinded by the Dollar signs permanently in their eyes. For this economy to truly diversify AND prosper, the Emirates MUST allow these small guys to establish themselves in an easy and simple, low cost manner free from unnecessary and weighty beaurocracy.