GCEL and Arab Industry Unions and Organizations Announce the Launch of the Digital Economy Platform Governance at the Arab League Headquarters in Cairo, Egypt

MDDEAS® will provide banks with an estimated $7.5 trillion financial market opportunity by 2031 and expand financial inclusion for SMEs.

— Mr. Wissam Fattouh, Secretary General of the UAB

CAIRO, EGYPT, May 5, 2022 / — At the headquarters of the Arab League in Cairo, the Union of Arab Banks (UAB), Arab ICT Organization (AICTO), Arab Federation for the Digital Economy (AFDE), Arab General Insurance Federation (GAIF) and GCEL announced the launch of a balanced global governance campaign involving the Europe, Americas, Asia and MEA regions to govern the deployment of the Multidimensional Digital Economy Application System (MDDEAS®) that the world is waiting for.

The announcement was made by Mr. Wissam Fattouh, Secretary General of UAB, Eng. Mohamed Ben Amor, Secretary General of AICTO, Mr. Chakib Abouzaid, Secretary General of GAIF, Dr. Ali Al-Khouri, Director General of AFDE, and Captain Samuel Salloum, President of GCEL. The UAB, AICTO and AFDE were created within the framework of the Arab League to promote economic growth in the Arab States. The announcement was made under the auspices of Arab League Secretary General HE Ahmed Aboul Gheit.

The world’s 13 largest technology companies will deploy the innovative MDDEAS® Free applications and features for end users in the B2B market. These applications generate unparalleled levels of high-quality big data that drives an innovative global rating system to reduce risk while giving national e-commerce, finance and insurance businesses greater transparency and efficiency, thereby expanding the services. The MDDEAS® is expected to create a new $20 trillion digital services industry by 2031. Ensure globally balanced governance of the MDDEAS® deployment, MEA industry associations will engage their peer associations in Europe, Asia and the Americas to join the respective regional governance councils.

Captain Salloum explained the perimeter of the MDDEAS®“In 2015, our public-private sector coalition’s participation in the G20/B20 forums contributed to G20 leaders’ adoption of the digital economy as a key policy directive to achieve sustained economic growth. However, since then, the G20 countries have pursued more than 200 divergent digital initiatives such as artificial intelligence, blockchain and the Internet of Things. These are important modules, but have not yet reached the impact desired economy to drive global economic growth. Instead, we need to deploy the MDDEAS® to improve the efficiency of all players in the value chain in the fragmented $168 trillion B2B market, which is the mother of all industries.”

Mr. Fattouh explained the advantages of the MDDEAS® for the financial sector, “According to the Asian Development Bank and the Bank for International Settlements, only 5 to 8% of global B2B spending is financed today. The MDDEAS® The applications will capture unprecedented levels of real-time validated B2B data for the financial industry to reduce underwriting, transaction and asset recovery risks and ease the burden of regulatory compliance. MDDEAS® provide banks with an estimated $7.5 trillion financial market opportunity by 2031 and expand financial inclusion for SMEs. »

The insurance industry will also make significant profits according to Mr. Chakib Abouzaid, “Le MDDEAS® seamlessly integrates all B2B industries by providing the real-time, high-quality data needed to improve value chain visibility and efficiency. The insurance industry can then reduce operational and financial risk and potentially generate $1 trillion in gross new premiums written by 2031.”

Eng. Amor describes one of the MDDEAS® advanced features, “The MDDEAS® includes AxioScore®, an objective multidimensional performance and risk rating mechanism. AxioScore® uses artificial intelligence, blockchain, and big data analytics to leverage the unprecedented levels of high-quality data captured by the MDDEAS®. AxioScore® dynamically facilitates decision-making, triggers actions with confidence, and delivers higher conversion rates, from viewing a product or service online to acquiring it. We welcome the opportunity to create $12 trillion in new e-commerce revenue by 2031 through MDDEAS®.”

Dr. Al-Khouri provided the following information on the need for balanced global governance of the digital economy: “We recognize that a data-driven digital economy can rebalance the global economy and achieve sustained economic growth Our global governance structure to deploy the MDDEAS® in a geopolitically balanced and non-monopolistic way while preserving data privacy and security. This structure echoes UNCTAD’s recent Digital Economy Report 2021, which states that a holistic approach to data governance is needed to generate economic benefits for all. »

Mr. Gregory Bird, Deputy Secretary General
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Helen D. Jessen