According to the latest reports from Research and Markets, the MENA region is making significant gains in artificial intelligence, with the AI market set to grow from $500 million in 2020 to $8.4 billion by 2026.
The UAE, in particular, shows great promise as a leader in the field of AI, with a projected growth figure of 36.2% bolstered by the government’s National Artificial Intelligence Strategy 2031, which focuses on attracting talent, funding research & innovation hubs, and developing infrastructure and data ecosystems.
With its considerable Public Investment Fund, Saudi Arabia has also announced a $500 billion funding package for AI and other technologies over the next decade, launching initiatives including the Saudi Arabian Data and Artificial Intelligence Authority and the National Data Management Office.
A recent study by global consultancy firm Proviti Middle East showed that over 80% of CEOs in the region believe that AI will be critical to future business success, with over 70% of companies already investing in the technology.
Yalla!Hub Forms New Partnership With WEE Marketplace
The collaboration will accelerate e-commerce digitalization and allow for speedy deliveries across the Gulf countries.
After raising $6 million to expand into Saudi Arabia and Qatar, Yalla!Hub is now set to collaborate with WEE to facilitate the sale of products through both YallaMarket and the WEE marketplace. The companies plan to enhance the GCC e-commerce market using a range of innovative solutions for sales and delivery, presenting new opportunities for Emirati-based and foreign suppliers.
“This collaboration with WEE Marketplace signifies a major step forward in our mission to revolutionize e-commerce through digitalization in the UAE and GCC, making market entry and operations smoother both for customers and businesses. With this partnership, we’re able to extend the reach of brands to a wider audience,” explained Leo Dovbenko, CEO of Yalla!Hub.
Meanwhile, new partner WEE is uniquely positioned in the UAE and already well known for fast delivery services. The company’s WEE Marketplace will soon feature goods from Yalla!Hub on their platform, empowering Dubai shoppers with 1-hour delivery windows and a next-day service across the rest of the Emirates.
“WEE Marketplace and Yalla!Hub are absolute leaders of the UAE fast e-commerce market, and this partnership opens new horizons for brands, allowing them to enter at once both platforms. We choose the brands very carefully, aiming to give the best products to our customers,” said Anastasia Kim, CEO and co-founder of WEE marketplace.
The Emirati e-commerce market has now reached a value of nearly $13 billion and is expected to grow to $20 billion by 2027. Express deliveries account for 5.5% of total merchandise turnover, which currently stands at around $700 million. Among the express delivery categories, cosmetics, pharmaceuticals, flowers, and groceries lead the way.