First cross-border digital marketplace goes live in the UAE: UAE-based holding company GlobalX Group has launched Tradex — the UAE’s first digital B2B cross-border trade dedicated marketplace, according to statements here and here. The project had an initial investment of AED 1 bn.

The launch point: The platform will debut its operations with a UAE-Iraq trade corridor — in partnership with Iraq’s national credit card company Qi Card. The corridor is earmarked to reach some AED 243 bn of trade by the end of the decade, according to a statement.

The download: The platform is designed to ease export and import processes, simplify payments, and tighten compliance across international markets. It aligns with the Emirates’ larger plans to support innovative ventures — which aim to strengthen region and international commerce, Dubai Customs Director General Abdulla Mohammed Busenad said.

Why Dubai? Dubai — which serves as a global trade facilitator — streamlines nearly AED 3 tn (USD 816 bn) in non-oil trade per year. Nearly 40% of the UAE’s exports comprise electronics, automobiles, FMCG products, textiles, and precision instruments — industries that Tradex aims to fast-track across regional and international markets.

Bns into the region’s digital economy. The introduction of Tradex signifies a mega AED 1 bn investment into its digital economy — a sector that the UAE aims to increase its contribution to the GDP by almost twofold from 9.7% in 2022 to 19.4% in 2032, according to a statement.

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