Federation of GCC Chambers of Commerce announces plans to create e-market place

Federation of GCC Chambers of Commerce announces plans to create e-market place
Mr. Mohammed Abdulla Al Mulla, Secretary General of the Federation of GCC Chambers of Commerce, has announced that the preparations to launch the pioneering GCC Electronic Market Place are now at their final stage with the project to be officially launched in October 2002 under the name of SouqAlKhaleej.Net
United Arab Emirates: Tuesday, May 21 - 2002 at 16:45 PRESS RELEASE



Mr. Mohammed Abdulla Al Mulla, Secretary General of the Federation of GCC Chambers of Commerce.


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This project has been developed as one of the resolutions announced during GEBIC - the Gulf E-Business International Conference - that was held in Dubai, April 2000, in order to support and help GCC economies successfully embrace the digital economy and bridge the technological divide between the region and other developed areas of the world.

Making the official announcement Mr Al Mulla said: 'We are proud today to say that SoukAlKhaleej.net is the first project of its kind in the region and is a major initiative in helping to enhance the economic prosperity of the GCC countries.

'This is a significant project for the Federation of GCC Chambers of Commerce and Industry in the region and SouqAlKhaleej.Net will contribute in enhancing the role of the private sector, represented by the Chambers, that have such an important strategic role in the digital transformation.

'The contribution of the Chambers of Commerce in efficiently managing this project will help improve the service of the Chambers in their efforts to enter more fully into e-trading as this project will help bridge the digital divide in the market at both public and private sector level. The Federation recognises that the gap is too big and if not bridged now the transformation to digital economy in the region will be delayed to a point where this gap can never be closed.'

The project, which is now being undertaken with a series of leading international technology partners, consists of delivering four primary services:

Authentication Services - that can help foster confidence and build stronger brand names and trust in the business community in the region and includes providing electronic certification to companies.

Electronic Document Transfer Services - giving users of the GCC common e-market place the mechanism to transfer trade documents electronically and complete trade cycles without the need for third parties.

Information Service - creation of a unified database for all companies and organisations working in the GCC.

Business Opportunities - creating a platform where business opportunities can be shared among authenticated Chamber members in the region and help boost economic opportunities for the region.

Mr Al Mulla added that one of the primary benefits of the project was the ability of the Federation of GCC Chambers of Commerce to deliver the service to 500,000 companies in 30 different Chambers under one official umbrella organisation.

He added: 'We are also convinced that this initiative will play an important role in helping the region faces the challenges posed by GATT for example and giving the region an improved competitive edge in the future. We also have to seize the opportunity that SouqAlKhaleej.net represents as we have the technical and human resources in place to benefit from the digital economy.

'In addition as a region we benefit within the GCC from a shared geography, environment, language and heritage that are significant factors to help in the success of this project.'

The project will apply the very latest e-techniques to collect, distribute and provide the information to the users. The Federation plans to announce in the near future more technical details of the common e-market while they finalise plans to link the market with international trade nets all over the world.

ENDS