Dubai is known as the UAE's business hub and when looking at the statistics, it is easy to understand why. According to the Financial Times, Dubai is the startup capital, with companies securing large multimillion-dollar investments. Furthermore, as reported in Arabian Business, the UAE's ecommerce sector is predicted to be worth an incredible 40 billion AED by the end of 2018.

This is fantastic news for up-and-coming ecommerce businesses, in a sector that has seen slow growth in the UAE as a whole – this despite the country currently has the highest ownership of smartphones in the world.

In such a thriving economy, there are many promising ecommerce businesses. Here are 4 of the best and most promising ecommerce businesses to watch in Dubai – particularly if you are interested in trading shares online.

Great Ecommerce Businesses to Watch in Dubai

Name: Glambox

Started: 2012

Who are they? Glambox was established in January 2012 by a group of four, who decided they wanted to branch out from their corporate jobs and start their own business.

What do they do? Glambox is an online subscription service offering the latest designer beauty products. Monthly subscriptions start at 50 AED and shipments include high-end testers of makeup, perfume, skin and hair products.

Why are they successful? In May 2017, Glambox also launched a box for men, making them one of the only beauty subscription services in Dubai to cater for both men and women.

Company: Mumzworld

Started: 2011

Who are they? Mumzworld was launched in 2011 by a group of entrepreneurial-minded mums who, as parents, had noticed gaps in the market.

What do they do? Mumzworld is an online marketplace and store that allows parents to search and compare products using price and reviews in a quick and convenient way.

Why are they successful? The founders of Mumzworld use their real-life experiences and unique points of view as mothers to help parents select and buy the right products. They have a desire to empower, support and inspire other parents on their journey.

Company: Namshi

Started: 2011

Who are they? Namshi was founded by a group of three entrepreneurs in 2011 and received $20million in funding in 2012.

What do they do? Based in Dubai, Namshi has fast become one of the Middle East's leading ecommerce fashion sites. They offer shoppers more than 500 popular fashion brands.

Why are they successful? As well as the large product selection, Namshi focuses on delivering great customer service and as such, offers shoppers a different way to pay. Customers can place an order online and pay with cash on delivery, providing more flexibility.

Company: Souq

Started: 2005

Who are they? Souq is one of Dubai's most successful ecommerce sites and was launched in 2005.

What do they do? Souq is a large online marketplace offering everything from gadgets and baby toys, to clothes and home furnishings. Their mission is to connect people with the products they want in a fast and efficient manner.

Why are they successful? Technology is at the heart of everything Souq does and as such, they constantly invest in new software to enhance the customer shopping experience.