The Week in eCommerce: Week 31 (August 1 – 7, 2021)
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This 31st week has witnessed lots of new events in the e-commerce world.
Two types of businesses rule the scene of e-commerce; The companies that develop their businesses, and there are those who collect enormous investments during various financing rounds, launching new products and services to support e-commerce and entrepreneurs in the Middle East and Africa.
And many more news and updates that we’ve collected for you in this week’s report of the ExpandCart e-commerce blog. Don’t miss it!
The First eCommerce Free Zone in the Middle East, Africa, and South Asia Launches
The Middle East, Africa, and South Asia region is witnessing a new chapter of e-commerce and trade exchange around the world after announcing the launch of an eCommerce free zone in the Emirate of Dubai, called ‘Dubai CommerCity’.
Dubai CommerCity is the first e-commerce free city in the Middle East, Africa, and South Asia region, providing seamless business-creation solutions and integrated services to drive the growth of licensed e-commerce businesses.
The free zone also provides eCommerce pioneers a package of one-of-a-kind services backed by worldwide partners in logistics, information technology, and other fields.
Within just two months of launching, Dubai CommerCity has successfully leased 30% of its facilities in the first phase of development of the free zone. It’s planned to be built on an area of 2.1 million square feet backed by an investment of 3.2 million Dirhams.
You can check out more details and information here.
“Tabby” Gets $50M in Funding
Tabby, an Emirati firm, raised $50 million in a fresh round of shares during the company’s second financing session, after the company was valued at $300 million.
Tabby’s total funding rose to more than $130 million in less than two years after it had secured another $50 million in its first round over the past month.
Global Founders Capital and STV led the funding round with participation from Delivery Hero, CCVA, and other existing investors that included Arbor Ventures and Mubadala Investment Capital.
Tabby is one of the most popular Buy Now Pay Later (BNPL) companies in the Middle East.
You can learn more about it by clicking here.
“Sary” Closes Largest Financing Round in Saudi Arabia during the First Half of 2021
Saudi company Sary has closed the largest financing round in the Kingdom of Saudi Arabia during the first half of 2021, with investments of $31 million during the Series B investment.
Sary is an e-commerce startup headquartered in Saudi Arabia that provides B2B services by connecting small businesses, wholesalers, and brands in one place to buy supplies and products easily, quickly, and efficiently.
For more details, visit the following link.
Amazon Postpones Office Reopening Until Next Year because of Corona
E-commerce giant Amazon.com Inc. has announced that it would postpone the return of employees to their main work offices until the early next year 2022 because of the COVID-19 pandemic.
In a statement, Amazon said it is extending the work-from-home period to January 3, 2022, stressing: “While we continue to closely monitor local conditions related to COVID-19, we are adjusting our guidance for corporate employees.”
The company added in a statement to the global news agency Reuters that the health of its employees is a top priority and will continue to adhere to the local government’s directives for a safe return to the office, stressing that it will require masks in offices, except for employees who verify that they are fully vaccinated.
View the full statement here.
Smart Device Payments Make Huge Leap in Saudi Arabia
Because of the Kingdom’s adoption of payment methods employing smart devices in all retail points of sale, the value of contactless POS transactions in Saudi Arabia increased by a staggering 147 percent in just the first half of 2021 compared to the previous year.
According to a statement by the Saudi Government Payments Authority, about 94% of all point-of-sale payments were made through smart devices, as it alone recorded over 2.1 billion transactions worth 203 billion riyals ($54 billion) that took place in the six months ending in last June.
The statement showed that, in Saudi Arabia, the use of smart devices such as mobile phones to make payments increased by 310% to 724 million transactions worth 56 billion Saudi riyals, or 34% of all contactless payments.
You can check out more details about this here.
