Categories: Press Releases

Itcan Forecasts Revenues to Reach SAR 100M By End-2020

Itcan, one of the leading digital marketing companies in the Arab world, expected its revenues to reach SAR 100 million ($26.7 million) at the end of 2020.

According to a press release published today, these positive expectations are driven by growing e-commerce activities in the GCC markets, especially the UAE and Saudi Arabia.

Meanwhile, a study conducted by A.T. Kearney showed that the value of e-commerce market would reach $20 billion in the GCC region by the end of this year.

The UAE led the region’s e-commerce market, with a use rate of e-commerce platforms reaching 4.2%. This is the same use rate of both Turkey and Brazil. Meanwhile, the rate of using e-commerce platforms in Saudi Arabia reached 3.8%.

Itcan: 2020 will be fruitful year for business

Itcan expects 2020 to be very fruitful for business, especially in terms of developing its capabilities and enhancing its spread in the targeted markets.

Therefore, the company is constantly striving to keep pace with the changing market requirements as it offers new services in the field of e-commerce and digital marketing.

The prosperity in digital marketing and e-commerce is attributed to two main factors; the high support provided to startups by the public and private sectors, as well as increased consumer demand for this type of marketing.

Mansour Al Thani, CEO of Itcan, said:

“Since inception in 2015, we have relied on self-financing. Despite the difficulties we faced in the beginning, we managed to overcome them and gain sufficient experience that helped us to continue and achieve profits. ”

Cryptolydian earlier reported that, amid the acceleration of global blockchain adoption, countries in the Middle East and Africa (MEA) are expected to tremendously increase their spending on blockchain technology during the next few years.

A new report by the US-based market research firm International Data Corporation (IDC) revealed that governments across MEA will see a 400 percent increase in their investment to blockchain-based solutions within the coming four years.

Rabea Maguid

Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.

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