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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    Muhammad Al-Hakim: The volume of electronic commerce in Iraq amounts to 3 billion dollars

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    billion - Muhammad Al-Hakim: The volume of electronic commerce in Iraq amounts to 3 billion dollars Empty Muhammad Al-Hakim: The volume of electronic commerce in Iraq amounts to 3 billion dollars

    Post by Rocky Wed 15 Nov 2023, 9:46 am

    Muhammad Al-Hakim: The volume of electronic commerce in Iraq amounts to 3 billion dollars 

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    Muhammad Al-Hakim



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    The founder of the EQIQ Fund, Muhammad Al-Hakim, confirmed that the volume of electronic commerce in Iraq amounts to $3 billion annually, indicating that the EQIQ Fund will launch a second round to raise $15 million. 
    Al-Hakim said in an interview with Business Landscape magazine, affiliated with Capita, and published by Al-Iqtisad News in cooperation with it, that “the e-commerce sector in Iraq is large, and its size reached 3 billion dollars in the year 2020, with the volume of orders estimated at between 500,000 - 600,000 orders per day.” ". 
    He added, "When we studied the e-commerce market in Iraq, we found that many people were following the model of Amazon and other prominent e-commerce platforms in the United States and Europe and expected these models to work in Iraq," noting that the Iraq market was very customized, because it was not linked to With the Internet until 2003, when the Internet spread in the country, the use of social media applications and sites became widespread throughout the country, so our Internet culture depends on social media. 
    He continued that each country has a different development path, so copying the Amazon model is not necessarily the right strategy for Iraq, and that the e-commerce market in Iraq is fragmented among many different merchants, and no one owns the market or sales channels. Our estimates indicate that approximately 40,000 sellers and merchants They are on Facebook, Instagram and other social media platforms selling directly to customers.
    Al-Hakim revealed the real desire to establish a venture capital fund in Iraq, due to Iraq’s lack of a reliable financing system. He established the venture capital fund in the Abu Dhabi Global Market, and we were able to raise $15 million in financing, after closing the first round of financing in January. 2023, and we are now on track to raise another $15 million, bringing the size of the fund to $30 million.
    The EQIQ Fund focuses on investments in emerging technology companies in Iraq. It is based in the United Arab Emirates, specifically in the Abu Dhabi Global Market, and operates in Iraq directly through a local company. 
    He stated that the Iraqi market is attractive on paper, and at the same time Iraq is considered an open economy, which means that large regional technology companies will seek to enter the market as the political situation in the country stabilizes. They will be able to enter and dominate the market with their product due to their resources, experience and track record. If the goal is to have a few Iraqi companies that may be able to compete and thus also a vibrant business environment, then it is time to build them, otherwise it may be too late, and we may end up playing on the margins of the business environment, missing out on opportunities in large important sectors. .
    He pointed out that the Fadshi platform provided more than 6,000 job opportunities and distributed profits exceeding one billion dinars, as one of our distributors, who is only 18 years old, achieved profits amounting to 40 million Iraqi dinars in just two months. We are building this platform together with a group of highly motivated, intelligent and intelligent young people. 

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