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FINANCIAL NEWS
UAE tops GCC in online spending
21 Nov 2011
(MENAFN) A report issued by Visa Inc. said that is topping GCC in e-Commerce spending with sales close to USD2 billion, Arabian Business reported.
The report showed that UAE’s online spending accounted for 55?60 percent of total GCC e-Commerce sales in 2010.
In October, UAE’s Telecommunications Regulatory Authority (TRA) launched a national electronic trust mark (TRUSTae), aimed at improving consumer confidence in e-commerce.
Saudi Arabia is the second largest share of the market, with an estimated USD520 million, followed by Qatar with USD375 million, Kuwait USD280 million, Bahrain USD175 million and Oman USD70 million, according to the report.
The report added that GCC’s overall online spending is estimated to be between USD3-USD3.5 billion, and is poised to reach USD5 billion by year-end.
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