Arab Federation for Digital Economy, Union of Arab Banks launch ‘Huma Wealth’ programme in cooperation with GCEL

Arab Federation for Digital Economy, Union of Arab Banks launch ‘Huma Wealth’ programme in cooperation with GCEL

ABU DHABI, 24th November, 2021 (WAM) -- The Arab Federation for Digital Economy and the Union of Arab Banks, operating under the umbrella of the Arab League, signed a Memorandum of Understanding (MoU) with the Global Coalition for Effective Logistics.

The MoU is concluded to launch the 'Huma Wealth' programme with the aim of boosting free trade across the Arab region and connecting with a large number of international economic partners. The move is expected to enhance the flexibility of supply chains, boost the growth of small and mid-size enterprises (SMEs) and provide digital frameworks for B2B in line with the requirements of the green economy.

Based on the MoU, the programme will be put in place through a digital platform that will provide new tools and enablers for the B2B market, which will improve efficiency and transparency levels and help companies cut down the risks of doing business and reduce commercial costs. At the same time, the platform will provide businesses financing services and broader perspectives to reach out to markets in the Arab region and the world at large.

Through this platform, the programme aims to increase the gross domestic product (GDP) of Arab economies, optimize trading rates in