Being the second-largest economy in the Arab world after Saudi Arabia, one of the strongest driving forces of the UAE’s economy is its oil and gas sector. With a GDP of USD 421.14 billion, UAE has the second-best GDP per capita of USD 41,420 in the GCC after Qatar. One of the striking features is that the UAE is propelling itself strongly towards strengthening its digital economy to enhance its economic security which contributes 4.3% to its GDP.
There are strong indications that eCommerce in the UAE is growing rapidly and traditional retail sales are slowing down in the country. UAE’s internet penetration hovers at impressive 90+% figures with almost 70% of them being online buyers (6.8 million out of a total population of 10 million). UAE tops the region in terms of growth in eCommerce (USD 18.5 billion in 2019).