PayPal Ready to Join Internet Firms Influx into Dubai
As more and more people across the Middle East get connected online, global internet giants are increasingly focusing the region to power their future growth.
Most of these internet giants have headquartered themselves in Dubai, the undisputed trade and business hub of the region.
Facebook and Linkedin this year opened offices in Dubai?s Internet City, the free zone attracting firms doing business online, while Twitter too has a local representative in the emirate.
Now another internet giant is ready to setup its regional operations in the emirate in order to tap the lucrative Middle East market.
Online Payments giant, PayPal has announced that it will open its regional operations in the emirate over the next two months which will become the hub of its operations in the Middle East.
The Middle East?s online payment market has grown to $ 9 billion but most of the payments are made through cash on delivery which accounts for 80% of the total.
PayPal currently has a 5% share of this sector but expects to grow it to 10% over the next three years by aggressively pushing its online payment platform.
It also will seek to improve its merchant base which currently numbers in the hundreds in order to attract more people to use its online service.
The arrival of the tech giant into the Middle East will be great for online shopping as people already know about PayPal?s brand and its reputation as one of the best online payment solutions providers in the world.
It is also a great opportunity for PayPal to develop a strong foothold in the GCC region which accounts for $ 8 billion of the overall Middle East online payments market.
PayPal last year processed around $ 115 billion worth of transactions and has operations in over 190 countries around the world.
According to The National Elias Ghanem, general manger of PayPal Mena said:
?We are currently looking for offices and will open one in the next few months. It will be the hub for the region.?
Adding further he said:
?Only 15 per cent of [the small and medium sized businesses] in the region have an online presence; this does not mean online payment presence. This is a fantastic opportunity for everyone. People will always shift to local marketplaces if the offer exists.?
Dubai has developed a great business environment which continues to attract the leading firms globally who wish to enter into the lucrative Middle East market and the arrival of tech giants will further boost job creation as well as the emirate?s status as a business hub in the region.
Source: http://www.uniqueauction.ae/blog/forward-publish-paypal-ready-join-internet-firms-influx-dubai/8255
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