The Global Evolution of Digital Commerce and MENA eCommerce – the first ever eCommerce report commissioned by Visa for the Middle East and North Africa – has revealed the Arab region witnessed an estimated 45 percent year-on-year increase in sales from $10 billion in 2011 to $15 billion in 2012, making it the fastest growing e-commerce region worldwide.

According to the study, e-commerce transactions across the region reached $15 billion, a rise from the $10 billion concluded the year before. Egypt came first in the entire region in e-sales in 2011 with $3.2 billion while the UAE was next with $2.8 billion in e-sales, the report showed.

Speaking on the development, General Manager for Visa North and Francophone Africa Tarek Elhousseiny, said: “E-commerce is one of the key drivers for the economy in today’s closely connected global environment. With a large young, technologically savvy population alongside modern telecommunications infrastructure, Egypt and the MENA region have unprecedented potential when it comes to capturing the global e-commerce market share.”

Egypt was rated by the Visa Report as the largest e-market in the region in 2011 with $3.2 billion in sales while the United Arab Emirates followed with $2.8 billion.

According to Daily News Egypt, the Visa report revealed the North African country has an Internet penetration rate of over 35 percent, which is expected to grow by 40 percent annually. With actual computer penetration being deeper within the business community, the study suggests that there is a tremendous business-to-business potential for e-commerce in the country.