About this event
CABC, in partnership with the Toronto Region Board of Trade, World Trade Centre Toronto and the Trade Commissioner Service, is hosting a Virtual Trade Mission supporting e-commerce companies to access the potential of the Gulf Region’s vast digital consumer market. A call out to Canadian brands to register for this unique opportunity to connect with the best-in-class subject matter experts and one-on-one meetings with industry buyers and partners.
The Gulf Cooperation Council (GCC) consisting of six member states (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates) is one of the largest regions in the world with a combined GDP of $3.65 trillion and a population of 54 million. Middle Eastern markets have the highest per capita spending on luxury products and the average annual online spend in Saudi Arabia and UAE is between $600-$1,300.
E-commerce in the region has seen a jump in market value from $5 billion in 2015 to a projected $21 billion by the end of 2020. The GCC is a political economic alliance and common market that eases the movement of goods and services amongst citizens. This enhances opportunities for Canadian firms selling to the region—for example, selling to the UAE allows access to the Saudi Arabian market and vice versa.
Saudi Arabia is the largest market in the region with a population of 34.3 million and a GDP of $782 billion which accounts for 47% of the region. The total value of the e-commerce market for consumer goods was estimated at $6.31 billion in 2020, a 28% increase over the previous year. 64% of Saudis now report buying a product or service online every month.