The Dubai International Financial Centre (DIFC), a global financial centre in the Middle East, Africa and South Asia (MEASA) region, has signed an agreement providing Tradeling, the eMarketplace focused on business-to-business (B2B) transactions in the Middle East and North Africa (MENA). The agreement offers Tradeling a platform to accelerate the evolution of the region’s B2B digital marketplace.
The agreement was signed by Arif Amiri, CEO, DIFC Authority and Muhammad Chbib, CEO, Tradeling, at an event attended by senior officials of both entities.
Under the deal, Tradeling will leverage DIFC’s innovation-driven companies to develop new capabilities that will enhance the digital platform’s leading position as the trusted B2B eMarketplace as well as contribute to shaping the B2B digital ecosystem. Additionally, the goals of the partnership include driving awareness of Tradeling among DIFC companies in addition to pushing thought leadership on the future of finance and B2B marketplaces while helping DIFC companies effectively source projects online to reduce costs.
Amiri said: “DIFC offers a vibrant platform for innovative start-ups and FinTech companies to strengthen their regional footprint and evolve as strong success stories from the region. With its innovative approach to B2B ecommerce, Tradeling has evolved as an inspiring enterprise from Dubai. Its platform can be leveraged by DIFC companies to increase efficiency, sourcing products and services effectively online while exploring options to embed financial services in the platform.”
Chbibadded that: “In a short span, DIFC transformed the financial entrepreneurial landscape of the region welcoming global businesses and talents as well as catalysed regional trade. Our partnership with DIFC is of strategic value for us to engage with DIFC-based companies and offer them our platform to expand their business footprint, especially as businesses pivot to a digital-first mindset. This is a good example of the public-private partnership model that has enabled Dubai to be home to some of the most promising start-up ventures. We share the values and goals of DIFC to enhance the regional digital B2B marketplace and as a first-mover in this space, we have the experience, insight and scale to bring new insights that will benefit all.”
The two entities will work together to research trends, opportunities and challenges in the B2B eMarketplace sector and publish reports that will benefit the business community, especially companies operating in DIFC. Contributing to the strategic mandate of DIFC to drive the future of finance and consolidate its position as the leading global financial centre in MEASA.
To meet the strategic goal of nurturing young talent for the new era in B2B ecommerce, DIFC and Tradeling will also cooperate on training and educational programmes. In this, Tradeling will benefit from the informed counsel and extensive knowledge of DIFC Academy, which has, for over a decade, catered to the needs of the financial services sector by providing a platform for top-ranked educational institutes to deliver professional development and higher education courses.
The two entities will also promote talent development through programmes such as the Future Skills Programme, where individuals can attend workshops, or training related to financial services or innovation/FinTech related subjects. Where permissible, DIFC and Tradeling can work with the DIFC Academy on promoting online courses and executive education. DIFC and Tradeling will also cooperate on facilitating joint internship programmes for fresh graduates and will take part in events and webinars on topics related to the future of finance and B2B marketplaces.
With over 2,500 companies, over 250 FinTech firms, a community of over 25,000 employees and a market size of over US$700 billion, DIFC is a well-established global platform for driving the future of finance and the development of regional economies. It was established to develop the economy of Dubai and make it a highly attractive environment for financial investments and an effective contributor to the future of the regional and international financial services industry.
Led by a team of experienced technology start-up builders, Tradeling ensures a reliable and smooth trade process in addition to providing logistics and financing solutions. Connecting global suppliers with MENA-based demand, Tradeling leverages advanced technology to optimise the supply chain and creates economic value in addition to mitigating risks.
The company has recorded impressive growth since its launch in April 2020. The digital marketplace showcases tens of thousands of products in 13 verticals ranging from food and beverage, health and wellness, office supplies, logistics to sport and fitness. Today, Tradeling has more than 400 suppliers from over 25 countries with gross merchandising value increasing from zero to a high two-digit million figure within three months.
