The Union of Arab Chambers (Union), Union of Arab Banks (UAB), and Global Coalition for Efficient Logistics (GCEL) executed a Memorandum of Understanding (MOU) on October 27, 2020 in Beirut, Lebanon. The organizations have united to deploy the Digital Economy Platform (DEP) that increases MEA digital services by USD 2.2 trillion and creating 49 million MEA jobs by 2030.
The Union is an independent non-governmental, non-profit regional legal entity that was formed to promote economic cooperation and integration among the Arab Countries, The UAB is the largest banking and financial consortium in the Arab region with more than 330 Arab banking and financial institutions.
The DEP provides digital tools for the MEA region to increase efficiency and transparency to reduce excess trade costs by USD 589 billion and increase goods trade by USD 422 billion. These benefits will build the buying power of the MEA region and provide new trade partners for the high income countries thereby growing the global economy.
Every 1% increase in the buying power of Mid/Low income countries will increase the global GDP by USD 166 billion.