Amazon chief Bezos to invest $1bn in digitizing small businesses in India

billion worth of India-made goods by 2025. (File/AFP)
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Updated 15 January 2020

Amazon chief Bezos to invest $1bn in digitizing small businesses in India

  • Bezos feels like the 21st century will be India’s century
  • Amazon committed to $5.5 billion investments in India

NEW DELHI: Amazon.com Inc. will invest $1 billion in digitizing small- and medium-businesses in India and expects to export $10 billion worth of India-made goods by 2025, its founder Jeff Bezos said on Wednesday.
Speaking at a company event in New Delhi, Bezos also said he feels the 21st century is “going to be the Indian century.”
“The dynamism, the energy ... the growth. This country has something special and it’s a democracy,” Bezos said.
Amazon has committed $5.5 billion in India investments and sees the country as a key growth market.

Bezos’ visit, however, is likely to be marred by protests across India from small business owners who allege Amazon is driving them out of business by offering sharply discounted products and favoring select big sellers on its platform. The company denies the allegations.

 


Dubai rents may be bottoming out as ‘green shoots’ appear

Updated 20 January 2020

Dubai rents may be bottoming out as ‘green shoots’ appear

  • An estimated 45,000 homes were completed in Dubai in 2019 according to Chesterton estimates

LONDON: Confidence may be returning to Dubai property despite a bloated market for off-plan homes, according to a report from Chestertons, the real estate broker.

Although apartment and villa sales prices were down 2 percent and 3 percent respectively in the fourth quarter of 2019 compared to the previous quarter, rental rates are stabilizing.

But supply issues continue to represent the biggest challenge facing the market, with 45,000 new units completed in 2019 and that expected to double this year.

“The Dubai residential market in Q4 2019 is alluding to a more positive outlook for 2020 thanks to the slowdown of sales price declines and the leveling of rental rates,” said Chris Hobden, of Chestertons MENA. “This does, however, have to be tempered by the volume of new units scheduled for delivery in 2020, which makes the short-term recovery of prices in the emirate unlikely.”

In the rental market, no movement was witnessed in the fourth quarter with the market supported by a draft law which would fix rental rates for three years upon the signing of a contract. 

“To ensure high occupancy in 2020, landlords will have to be realistic in the face of tough market conditions. The incentives previously offered to tenants, such as rent-free periods, multiple cheques and short-term leases, will continue, with an increase in tenant demand for monthly direct debit payments also likely” added Hobden.