Two popular words making rounds of late in Dubai free zones are E-COMMERCE and SMART SERVICES as Dubai free zones ( J.A.F.Z.A., D.W.C, D.A.F.Z.A, etc) aim to build its attractiveness to foreign investors or entrepreneurs looking to set up businesses in Dubai, branch offices, Limited liability Companies or offshore firms in Dubai . With all 25 free zones trying to tap into a known fact that Dubai has a huge opportunity in taking the lead in the M.E.N.A region because of its unique position of regional hub, most of these free zones have introduced easier ways for registration, inquires and applications online and also, of late in conjunction with the Dubai Department of Economic Development are trying to get banks to come up with faster turnaround times, easier processes, and cost-effective solutions to promote businesses to set up merchant accounts in order to be able to sell online not only for the free zones but also for businesses set up in Dubai mainland
Despite these good initiatives a recent poll conducted in J.A.f.Z.A Associates Forum 2013, more than half of the guest felt that in order for Dubai to lead the region in e-commerce, regulation and standards as well as Internet penetration needed to be improved on from their current levels. The poll was not wrong in its call, current statistics show that the M.E.N.A region’s offline retail market is worth $425 billion, with e-commerce spending at $9 billion in 2012. This figure is expected to grow to $15 billion by 2015. However, despite 47 per cent of the population having payment cards, cash and cheques, are the most commonly used payment instruments, while 70 to 80 per cent of consumers use ‘cash on delivery’ as the preferred payment method for online shopping. A majority of the consumers cite lack of trust in payment options as the main reason for not using online payment methods, according to the latest statistics.
In my opinion if this was a criteria considered during the just recently concluded EXPO 2020 host nation election then I believe something right is been done behind the scene to boast the above statistics before 2020 which i believe will be made known to the public sooner rather than later.
David Enyinnaya. M.I.B.
ConsultantInternational Business Relocation Specialist
+971508423965
david.enyinnaya@adamglobal.com
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