CAIRO: Facebook announced on Monday that it is bringing Marketplace to the Middle East for the first time, by launching the service in Egypt, Algeria and Morocco “over the next few weeks”.
Marketplace is a destination on Facebook that allows users to buy and sell items directly through the site.
The feature will be available in the three north African countries in English and Arabic on desktop and for iOS and Android mobile users, the social network said.
The Middle East region has witnessed a surge in online spending in recent years.
According to a press release by Facebook, Arabs’ online spending has risen from $2.7 billion to $7.3 billion just over the last two years.
Launched in the US in October 2016, Facebook Marketplace is currently available in 52 countries and has more than 550 million users worldwide.
Facebook brings Marketplace to Middle East, to open first platform in Egypt
Facebook brings Marketplace to Middle East, to open first platform in Egypt
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
