Dubai Ports Authority (DPA) and the Jebel Ali Free Zone announced a joint venture with Oracle Corp. to establish the region's first e-business market. The Dubai Electronic Market (DEM) will start operating within 60 days, and would make it possible for businesses to buy, sell and compete on world markets.
DPA will operate the project, while Oracle will provide the infrastructure and advanced technology. All purchase orders, confirmations, auctions and tenders will be processed on line by DPA.
The move followed an announcement this month to bring local government services on line to speed up transactions, reduce costs and improve quality.
Last year, Dubai announced plans to set up Dubai Internet City, a $272 million free trade zone for e-commerce. The moves are part of efforts to make Dubai - already a Gulf trading hub - a regional center for information technology.