Tejari, the region’s leading online marketplace, today announced record results for 2006, with revenues up 30%, and net profits more than doubling from last year, up 110%. More than $1.3 billion worth of business was transacted through Tejari during 2006, marking a 33% rise in trading volumes from 2005. The results reflected increased trading activity by both suppliers and purchasers and an expanding base of trading partners for Tejari Marketplace, along with improved consulting revenue.
“Tejari’s performance during 2006 demonstrates both the strength of our marketplace services and the ongoing interest in e-commerce among public and private sector organizations in the Middle East. Our existing customers are processing more and more transactions through Tejari, while new customers are also seeing the benefits of signing up with the leading e-commerce provider in the region,” said Omar Hijazi, CEO of Tejari.
“Last year saw a number of important milestones for Tejari, with the launch of operations in four new countries, and the introduction of four new services targeting various business communities. These figures reflect the growing demand for e-commerce services from diverse sectors across the region, which underpins our strategy for maintaining leadership in e-procurement and creating new online services for the Middle East and emerging markets worldwide,” Hijazi added.
Tejari’s core Marketplace service grew its trading partner base by 38.5% in 2006, while Tejari Expert consulting services increased revenue by 33%. Both buyer and seller activity increased, with key purchasers increasing RFQ and auction numbers by 10%, and key suppliers receiving 30% more invitations to participate, resulting in 10% more participation in auctions. 2006 also saw Tejari cross a threshold of $4 billion in total trades, along with more than 70,000 transactions having been completed since the company began operations in 2000.
“The achievements of Tejari during 2006 are a robust indicator of our future development plans. The benefits of e-procurement for governments and large enterprises in the region have been proven, and now we believe that we can extend those benefits to many more business communities in the region, as well as building links with global organizations. Our focus now is on making Tejari into a global brand and extending our services to emerging markets worldwide, to create a unmatched online marketplace for the region,” Hijazi said.
