e-commerce - WORLDEF

Etsy Cuts 12% of Workforce Days After $1.4 Billion Depop Sale

Etsy is restructuring its business and cutting around 200 jobs just days after receiving $1.4 billion from the sale of its Depop marketplace to eBay, creating a striking contrast between the company’s fresh cash injection and its decision to reduce its workforce.

The company announced the layoffs on August 5, with the cuts affecting approximately 12% of its workforce. Most of the impacted positions are in product and engineering, according to reports. Etsy said the restructuring is designed to simplify its organizational structure, improve coordination and accelerate decision-making.

Layoffs Follow Strong Second-Quarter Performance

The workforce reduction came alongside Etsy’s second-quarter results, which showed continued growth in its core marketplace.

Etsy Marketplace revenue increased 9.3% year over year, while gross merchandise sales (GMS) rose 7.5% to approximately $2.6 billion. The company also reported comparable net income of $114 million, representing an increase of more than 50% from the previous year.

The results suggest that the layoffs are not simply a response to deteriorating marketplace performance. Instead, Etsy is positioning the restructuring as part of a broader effort to make the company more focused and efficient.

CEO Kruti Patel Goyal said cost savings would be a consequence of the restructuring rather than its primary objective. She also said the layoffs were not driven by artificial intelligence, although Etsy continues to use AI in product development and other areas of the business.

$1.4 Billion Depop Sale Adds to the Restructuring Story

The timing of the layoffs has drawn particular attention because Etsy completed the $1.4 billion sale of Depop to eBay on July 30, only six days before announcing the workforce reductions.

The transaction is part of Etsy’s broader strategy to streamline its portfolio and concentrate resources on its core marketplace. The company previously sold Reverb, another marketplace business, in 2025.

Rather than using the proceeds primarily to expand its workforce, Etsy is simultaneously restructuring its organization and returning capital to shareholders. The company has authorized an additional $2 billion share repurchase program.

Etsy Refocuses on Its Core Marketplace

The latest moves highlight a broader shift in Etsy’s strategy: moving away from operating multiple marketplaces and toward strengthening its flagship Etsy platform.

The company expects the restructuring to be substantially completed by the end of the third quarter of 2026. Employees affected by the cuts are expected to receive severance packages, including at least 16 weeks of pay and extended healthcare coverage, according to the company’s disclosures.

For Etsy, the combination of marketplace growth, portfolio divestments, workforce restructuring and a major share-buyback authorization signals a more focused phase of its business strategy.

The company is now betting that a leaner organization and greater concentration on its core marketplace can translate recent financial momentum into sustainable long-term growth.

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Hepsiburada Reports 13.4% Order Growth in Q2 2026 as GMV Reaches TRY 56.7 Billion

Hepsiburada continued to expand customer activity and order volumes in the second quarter of 2026, highlighting the Turkish e-commerce platform’s growing transaction scale despite continued pressure on profitability.

The company reported 19.5 million orders in Q2, up 13.4% from the same period last year, while the number of active customers reached 11.5 million. Order frequency also increased, suggesting that existing customers are shopping more frequently on the platform.

Orders Rise as Customers Shop More Frequently

One of the strongest signals from Hepsiburada’s latest results was the increase in purchasing frequency.

Customers placed an average of 7.4 orders during the quarter, compared with 6.5 orders in Q2 2025. At the same time, active customers increased 2.5% year over year.

However, the higher order volume was accompanied by a 9.4% decline in average order value, reflecting changes in consumer purchasing behavior.

Hepsiburada’s marketplace remained the main driver of its commerce business, accounting for 68.6% of GMV during the quarter.

GMV Growth Remains Positive

Hepsiburada generated TRY 56.7 billion in gross merchandise value (GMV) during Q2, up 2.8% year over year. Revenue increased 3.1% to TRY 22.8 billion.

Looking at the first half of 2026, the growth picture becomes stronger. GMV reached TRY 118.6 billion, representing a 14.7% increase from the first half of 2025.

Total orders for the first six months reached 39.8 million, up 17.7% year over year.

The figures point to continued expansion in transaction activity, even as the platform operates in an environment where consumers are becoming more selective about spending.

Profitability Becomes a Key Challenge

While customer engagement improved, Hepsiburada faced greater pressure on its bottom line.

The company recorded a TRY 1.89 billion net loss in Q2, compared with a TRY 956.2 million loss in the same period last year.

EBITDA also declined to TRY 239.2 million from TRY 976.9 million a year earlier.

Hepsiburada said its results reflected continued investments in growth initiatives, highlighting the challenge of balancing expansion with profitability as the platform scales.

Hepsiburada Expands Into Consumer Finance

Beyond its core marketplace operations, the company is also continuing to build out its broader commerce ecosystem.

In June, Hepsiburada launched Hepsitaksit, a new financing product designed to give customers additional flexibility when making purchases.

During its first month, transactions through Hepsitaksit represented 0.4% of total GMV, marking an early step in the company’s efforts to integrate financial services more closely with its e-commerce platform.

A Mixed Picture for Turkish E-Commerce

Hepsiburada’s Q2 results offer a broader snapshot of the evolving Turkish e-commerce market.

The platform is attracting more orders and encouraging customers to shop more frequently, while GMV continues to grow over the first half of the year. At the same time, lower average order values and increased investment are creating pressure on profitability.

As Hepsiburada moves into the second half of 2026, the key question will be whether it can turn stronger customer engagement and higher transaction volumes into more sustainable financial performance.

For now, the company’s latest results show an e-commerce business continuing to scale – but with efficiency and profitability becoming increasingly important alongside growth.

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ONDC Crosses 500 Million Transactions as India Expands Open Digital Commerce Network

India’s government-backed Open Network for Digital Commerce (ONDC) has surpassed 500 million cumulative transactions, marking a major milestone as the network expands beyond traditional e-commerce into mobility, public transport, logistics and other digital services.

ONDC Reaches 500 Million Transactions

ONDC crossed the 500 million cumulative transaction mark in July 2026, highlighting the rapid growth of India’s open digital commerce infrastructure.

The network recorded just 0.2 million transactions in FY2023 before reaching 218 million transactions during FY2026. Its ecosystem now includes more than 200,000 active retail merchants and over 1 million service providers across mobility and logistics.

Expansion Beyond E-Commerce

ONDC is increasingly being used for services beyond online shopping. More than 1 million drivers have joined the network’s ride-hailing ecosystem, while around 80% of India’s metro ticketing inventory is now available through ONDC.

As of June 2026, the network was facilitating more than 370,000 public transport trips per day through over 35 buyer applications, covering nine metro systems and four city bus operators.

The network is also expanding into tourism, agriculture and other service categories.

Supporting Small Businesses and Farmers

ONDC is playing a growing role in helping India’s small businesses participate in the digital economy.

Through the MSME TEAM Initiative, the Indian government has approved ₹277.35 crore for FY2025–FY2027. The programme supports MSMEs with onboarding, product cataloguing, account management, logistics and packaging.

More than 800 independent sellers and eight aggregator entities representing over 1,500 Farmer Producer Organisations have also joined the network through the Amazing India initiative.

Growing Logistics and Retail Ecosystem

ONDC’s logistics ecosystem includes more than 50 hyperlocal logistics providers, while over 60,000 merchants are using ONDC Logistics.

More than 50 brands across food delivery, quick commerce, pharmacy and other retail categories are also leveraging the network across more than 150 cities.

The DigiDukaan initiative has further supported digital adoption among local retailers, with more than 13,000 kirana stores onboarded across Hyderabad and Jaipur.

Building an Open Digital Commerce Infrastructure

Unlike conventional e-commerce marketplaces, ONDC operates as an open and interoperable network that allows buyers and sellers using different applications to connect through common standards.

The model is designed to reduce dependence on individual platforms while creating greater opportunities for businesses, consumers and service providers to participate in India’s digital economy.

The milestone of 500 million transactions reflects ONDC’s evolution from an e-commerce initiative into a broader digital public infrastructure connecting commerce, mobility, logistics and public services.

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Marketplaces in Indonesia to Collect Taxes on Behalf of E-Commerce Sellers

Indonesia will put a new practice aimed at increasing tax compliance in the digital commerce ecosystem into effect as of November 1, 2026. Under the new regulation, designated e-commerce marketplaces will collect income tax on behalf of businesses making sales and transfer it to the tax authority. The government announced that the implementation had previously been postponed twice and that the final date was determined following economic conditions and the completion of the preparation process.

E-Commerce Platforms in Indonesia Assigned Tax Collection Responsibility

Under the new system, major marketplaces such as Tokopedia, Shopee, Lazada, and Blibli will deduct income tax from the sales of sellers who meet the criteria and transfer it to the government. While the regulation particularly covers small and medium-sized enterprises, sellers with annual turnover below 500 million rupiah may be exempt from the practice if they submit the required declaration. The platforms will also share sales data with tax authorities.

Tax Compliance and the Digital Economy Are Being Targeted

According to Indonesian officials, the regulation does not introduce a new tax; it only changes the method of collecting the existing income tax. The aim is to increase tax compliance in online commerce, reduce unregistered economic activities, and bring the digital economy under more effective oversight. In this context, shifting the responsibility for tax collection from individual sellers to platforms is also intended to facilitate administrative processes. Indonesia therefore plans to establish more effective tax management within its rapidly growing digital commerce ecosystem.

Implementation Postponed Due to the Preparation Process

The government previously decided to postpone the implementation twice. During the postponement period, the aim was both to support consumer spending and to allow e-commerce platforms to complete their technical preparations. According to the latest announcement, the new system will enter into force on November 1, 2026, and platforms will assume responsibility for tax collection from that date onward. The Indonesian government states that the practice will strengthen tax compliance in the digital commerce sector.

E-Commerce Market Continues to Grow

According to data from Google, Temasek, and Bain & Company, Indonesia’s e-commerce market reached approximately $71 billion in gross merchandise value in 2025. While the market is expected to rise to approximately $140 billion by 2030, the new tax system aims to transform the growing digital economy into a more sustainable and formally registered structure.

Indonesia Plans New E-Commerce Rules After Seller Complaints

Dubai Customs Introduces AED 1,000 Duty Exemption for Cross-Border E-Commerce

Dubai Customs has changed its customs procedures for cross-border e-commerce transactions. Under the regulation that entered into force on August 3, 2026, products and shipments with a value not exceeding AED 1,000 ($272) will be exempt from customs duties. The new measure aims to reduce costs in the e-commerce sector, improve the efficiency of commercial transactions, and support the competitiveness of Dubai’s business environment.

Dubai Customs Raises the Exemption Threshold to AED 1,000

The change announced by Dubai Customs was implemented under Customs Notice No. 16 of 2026. Accordingly, products imported for personal purposes through companies, cargo operators, or cross-border e-commerce channels and valued at AED 1,000 or less will not be subject to customs duties. Companies wishing to benefit from the regulation must align their registration and operational processes with the new provisions.

Tobacco, Electronic Cigarettes, and Alcoholic Products Excluded

Dubai Customs’ duty exemption will not apply to all product categories. Tobacco and tobacco derivatives, electronic cigarette devices and accessories, nicotine-containing liquids, alcoholic beverages, and food products containing alcohol have been excluded from the new regulation. Existing customs duties and related import provisions will continue to apply to these categories.

60-Day Requirement for Returned Products

Products purchased for personal purposes and returned after being sent abroad through companies will also be exempt from duties under certain conditions. It will be necessary to document that customs duties were previously paid for the product and that the shipment was returned within 60 days of the export date. If these conditions are not met, standard customs procedures will apply.

Company Registrations to Be Handled by the Customer Happiness Department

Under the new measure, the addition of companies to the customer registration system, the recording of their activities, and their inclusion on the platform will be handled by the Customer Happiness Department. Any disputes that may arise during the implementation of the regulation will fall under the responsibility of the Legal Affairs Department.

Dubai Customs stated that the change forms part of its approach to attracting investment, facilitating cross-border digital trade, and reducing the operating costs of e-commerce companies. The authority called on companies seeking to benefit from the regulation to take the necessary steps to comply with the new rules.

The new tax exemption for cross-border e-commerce came into effect on August 3, 2026, as one of the updated practices within the cross-border e-commerce infrastructure developed by Dubai Customs.

CarrefourSA Completes Majority Ownership Transfer to Yeni Mağazacılık

Ownership Transfer Officially Completed

ISTANBUL – CarrefourSA has officially completed the transfer of its majority ownership to Yeni Mağazacılık A.Ş., the retail company behind Türkiye’s discount chain A101, following the receipt of all required regulatory approvals.

The transaction covers 89.28% of CarrefourSA’s shares, previously held by Sabancı Holding and Carrefour Nederland BV. With the closing of the deal, CarrefourSA becomes part of Aydın Group’s retail portfolio under Yeni Mağazacılık.

CarrefourSA and A101 to Continue as Separate Brands

Despite the acquisition, CarrefourSA and A101 will continue to operate as separate brands, maintaining independent management structures, distinct retail formats, and their existing brand identities. The companies emphasized that the integration is designed to strengthen CarrefourSA’s financial position while preserving its premium supermarket positioning, with A101 continuing to focus on the discount retail segment.

CarrefourSA will remain under the leadership of CEO Hatice Evren, who will oversee the company’s next phase of growth. Aydın Group stated that the retailer will benefit from stronger financial backing, enabling investments in customer experience, supplier partnerships, employee development, and nationwide expansion.

Growth Strategy Focuses on Expansion and Investment

According to Erhan Bostan, Board Member of Aydın Group, the company aims to leverage CarrefourSA’s strengths in fresh food, product variety, and quality while expanding its footprint across Türkiye. The group plans to increase accessibility by opening new stores and strengthening collaboration with local suppliers, contributing to employment and the country’s organized retail sector.

The completed transaction marks a significant development in Türkiye’s organized retail sector, strengthening Aydın Group’s multi-brand strategy while allowing CarrefourSA and A101 to continue serving different customer segments.

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Jay3lle Launches Global E-Commerce Platform, Expanding International Reach

Saudi luxury golf-fashion brand Jay3lle has officially launched its global e-commerce platform, marking a major milestone in its international expansion strategy and enabling customers worldwide to shop its collections directly online.

The digital launch follows the brand’s successful debut in Riyadh and growing international presence through events in Paris and New York. With its new direct-to-consumer platform, Jay3lle is making its collections accessible to a global audience while strengthening its omnichannel retail strategy.

Saudi Luxury Brand Goes Global

Founded in Riyadh, Jay3lle blends luxury fashion with golf-inspired design, targeting a new generation of consumers seeking premium lifestyle apparel. The company celebrated the launch of its e-commerce platform at New York City’s Golden Unicorn, highlighting its ambition to transform from a regional fashion label into a globally recognized luxury brand.

The online store allows customers from around the world to purchase Jay3lle’s collections directly, eliminating geographical barriers and supporting the brand’s expansion into key international markets.

Digital Commerce Drives Growth Strategy

The e-commerce launch forms a core part of Jay3lle’s broader growth roadmap, which combines digital retail with physical experiences. Earlier this year, the company showcased its collections in Paris to build relationships with global retailers before opening worldwide online sales.

By investing in direct-to-consumer commerce, Jay3lle aims to strengthen customer engagement, increase brand visibility, and gain greater control over the consumer experience while expanding beyond the Middle East.

Omnichannel Vision

Jay3lle plans to complement its online platform with physical retail expansion, including a flagship store in Riyadh scheduled for 2027. The company is also exploring branded hospitality and lifestyle concepts as part of its long-term strategy, positioning itself as more than a fashion label.

The combination of digital commerce, experiential retail, and international partnerships reflects a growing trend among luxury brands seeking to deliver seamless omnichannel experiences to global consumers.

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Fashion Remains Western Europe’s Largest E-Commerce Category as Gen Z Reshapes Growth

Western Europe’s online fashion market is entering a more mature phase, with fashion continuing to account for around 20% of total online consumer spending despite slower category growth. According to NielsenIQ’s latest research, evolving consumer behavior, second-hand shopping, and value-focused platforms are redefining competition across the region.

Fashion Holds Strong Despite Market Maturity

Fashion remains one of the most resilient sectors in Western European e-commerce, representing approximately one-fifth of total online spending across major markets. However, while overall e-commerce sales increased by 5% over the past year, online fashion sales grew at a slower pace of 3%, signaling a shift toward a more mature market where brands must compete through innovation rather than rapid category expansion.

The findings come from NielsenIQ’s “Decoding the Fashion E-commerce European Market in 2026” report, which analyzed purchasing behavior from more than two million online shoppers across ten European countries.

Fragmented Competition Creates New Winners

The report highlights a rapidly evolving competitive landscape where traditional online fashion retailers are facing increasing pressure from diverse business models. Consumers are now shopping across marketplaces, direct-to-consumer brands, off-price retailers, resale platforms, and social commerce channels.

Major platforms including Zalando, Amazon, Vinted, Shein, Temu, and TikTok Shop continue to attract shoppers by serving different priorities such as affordability, convenience, sustainability, and product discovery. This growing fragmentation is making customer acquisition and loyalty more challenging for fashion brands.

Gen Z and Resale Drive the Next Growth Phase

Generation Z is emerging as one of the strongest forces shaping Europe’s digital fashion economy. Younger consumers increasingly favor value-oriented shopping experiences, social commerce, and second-hand fashion, accelerating the mainstream adoption of resale platforms.

At the same time, consumers aged 40-44 remain among the highest spenders in online fashion, giving premium and omnichannel retailers opportunities to balance growth across multiple customer segments.

Sportswear Continues to Outperform

Sportswear remains one of the fastest-growing segments within European online fashion. According to the report, 71% of sportswear brands recorded growth during the past year, compared with 51% of fashion brands overall.

The continued popularity of the “gorpcore” trend-combining outdoor-inspired apparel with everyday fashion-is helping drive higher consumer spending and stronger category performance.

Black Friday and Value Shopping Stay Critical

Promotional events continue to play a major role in online fashion sales. Black Friday now represents approximately 9% of annual online fashion revenue across Europe, while shoppers are increasingly willing to experiment with new brands during major discount periods.

As consumers become more price-conscious, retailers that combine competitive pricing with personalized shopping experiences are expected to gain market share in the coming years.

Looking Ahead

NielsenIQ concludes that Western Europe’s fashion e-commerce market is entering a new stage where sustainable growth will depend less on market expansion and more on understanding evolving consumer preferences. With Gen Z, resale platforms, sportswear, and value-driven retail models reshaping purchasing behavior, brands that invest in customer insights and differentiated shopping experiences will be best positioned for long-term success.

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1,000 Women Entrepreneurs in Sharjah to Receive Free Online Stores

The Sharjah Business Women Council has launched a new e-commerce program worth a total of AED 3.6 million ($980,000) to strengthen the activities of women-led businesses in the digital retail market. Under the one-year program, which will be carried out in cooperation with Packman Portal LLC, 1,000 fully integrated online stores will be provided to council members who meet the required conditions.

The program was announced following the signing of a memorandum of understanding by Maryam Bin Al Shaikh, Director of the Sharjah Business Women Council, and Mohamed Al Rashed, Co-Founder and Chief Strategy Officer of Packman Portal LLC.

Each Store in the Sharjah Program Is Worth AED 3,600

Each entrepreneur participating in the program will benefit from a free e-commerce store with an annual value of AED 3,600. The package offered will include a dedicated website for the business, payment infrastructure, a product management system, an administrative dashboard, customizable design features, hands-on training, and continuous technical support.

Thanks to this infrastructure, women entrepreneurs will be able to launch a new online retail operation or expand their existing digital operations. The program aims to help businesses reach broader customer groups with their products and increase their competitiveness in e-commerce.

Free Service for a Second Year for Those Receiving 365 Orders

Under the agreement, businesses that receive at least 365 customer orders during the first year will also be able to benefit from the e-commerce store service free of charge in the second year. In this way, the support will cover not only the establishment of the store but also the continuation of the digital growth of businesses that actively generate sales.

Maryam Bin Al Shaikh stated that, for many entrepreneurs, the greatest challenge is not creating a good product or service, but ensuring that customers discover those products and services. Al Shaikh said that a strong digital presence has become a necessity in today’s economy and noted that the cooperation would bring technological infrastructure together with practical knowledge.

Al Shaikh stated that, through the program, women business owners would be able to establish a professional online presence, reach wider markets, and grow their businesses more securely. She also emphasized that women-led businesses with improved digital capabilities would contribute to Sharjah’s entrepreneurial ecosystem and the UAE’s digital economy.

Artificial Intelligence Will Accelerate Online Store Setup

Packman’s artificial intelligence-powered system can automatically create the store structure, product categories, and content after entrepreneurs describe their businesses in natural language. The company states that, with this infrastructure, online stores can be made ready for use in less than one hour. The platform also provides the opportunity to manage payment, inventory, orders, warehousing, shipping, and operational processes through a single dashboard.

Packman Portal Founder and CEO Abdulaziz Almulhem said that every entrepreneur, regardless of their starting point, should have access to the tools required to compete in the digital economy. Almulhem stated that the partnership was part of their goal to support entrepreneurs first in the UAE and then in regional and global markets.

Training on Digital Marketing and Inventory Management Will Be Provided

As part of the program, practical workshops will be organized on digital entrepreneurship, e-commerce store setup, inventory and product management, digital marketing, customer service, performance optimization, and sustainable business growth. The parties will also develop awareness campaigns and new joint projects to increase the participation of women-led businesses in Sharjah’s digital economy. The UAE e-commerce market generated approximately $8.1 billion, equivalent to AED 29.8 billion, in revenue in 2025. The market is expected to continue growing at an annual rate of between 10% and 15% throughout 2026.

Sharjah Islamic Bank Launches SIB Pay to Expand Digital Payments in UAE

DP World Opens First Multi-Client Logistics Warehouse in Saudi Arabia to Strengthen Supply Chain Network

DP World has expanded its logistics footprint in Saudi Arabia with the launch of its first multi-client third-party logistics (3PL) warehouse in Riyadh, reinforcing its commitment to supporting the Kingdom’s rapidly growing supply chain sector and Vision 2030 objectives.

The newly inaugurated facility is located in Riyadh’s Al Mashael Logistics Hub and is designed to provide flexible warehousing and distribution services for businesses across multiple industries. The investment reflects the increasing demand for modern logistics infrastructure as Saudi Arabia positions itself as a regional trade and logistics hub.

A Strategic Logistics Hub for Saudi Arabia

The new warehouse spans 15,250 square metres and offers capacity for more than 17,000 pallet positions. It provides integrated logistics services, including storage, inventory management, import consolidation, order fulfilment, palletisation, and nationwide distribution.

Operating as a non-bonded warehouse, the facility enables customs-cleared goods to move efficiently into Saudi Arabia’s domestic market, allowing businesses to reduce delivery times, improve inventory availability, and simplify supply chain operations.

Its strategic location within Riyadh’s Al Mashael Logistics Hub offers convenient access to major transport corridors connecting businesses across the Kingdom and neighbouring Gulf markets.

Supporting Vision 2030 and Growing Demand

Saudi Arabia continues to invest heavily in logistics infrastructure as part of its Vision 2030 economic diversification strategy. Rising demand from sectors such as retail, e-commerce, manufacturing, automotive, consumer goods, healthcare, and technology has accelerated the need for advanced warehousing and fulfilment capabilities.

DP World’s latest investment is designed to meet these evolving market requirements by providing scalable logistics solutions for companies seeking efficient nationwide distribution and supply chain management.

Mohammad Alshaikh, CEO of DP World Saudi Arabia, said the facility will enable customers to benefit from greater flexibility, operational efficiency, and reliable logistics services while supporting Saudi Arabia’s ambitions to become a leading global logistics centre.

Raveen Guliani, Chief Operating Officer of Logistics at DP World GCC, described Saudi Arabia as one of the company’s fastest-growing logistics markets, noting that the new warehouse strengthens DP World’s integrated supply chain offering across the Kingdom.

Expanding DP World’s Saudi Logistics Network

The Riyadh warehouse complements DP World’s existing logistics operations in Dammam and forms part of the company’s broader investment strategy in Saudi Arabia.

Among its largest ongoing projects is the $250 million Jeddah Logistics Park, a 415,000-square-metre integrated logistics facility located near Jeddah Islamic Port. DP World is also investing in the expansion and modernization of the Jeddah South Container Terminal, increasing capacity and improving cargo handling efficiency.

Together, these investments create an integrated logistics ecosystem connecting ports, warehouses, inland transport, and distribution centres across Saudi Arabia.

Strengthening Regional Supply Chains

The launch of the multi-client warehouse highlights DP World’s strategy of providing end-to-end logistics solutions that support businesses operating in one of the Middle East’s fastest-growing economies.

As Saudi Arabia continues to attract manufacturing, retail, and e-commerce investments, modern logistics infrastructure will play an increasingly important role in improving supply chain resilience, reducing operational costs, and enhancing trade connectivity.

With its newest facility in Riyadh, DP World further strengthens its position as a key logistics partner supporting the Kingdom’s transformation into a global logistics and trade hub.

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