E-commerce growing at an exponential rate in Saudi Arabia
Saudi Arabia is enhancing its investment climate for
e-commerce, aiming to attract both local and international companies to
capitalize on this rapidly growing market, which is projected to reach $44
billion by 2030.
Enhancing the e-commerce sector is a key objective of the
National Transformation Program, supporting Saudi Arabia’s Vision 2030. This
initiative is crucial for boosting the national economy, with the Kingdom
ranking among the top 10 fastest-growing countries in e-commerce.
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The program plays a pivotal role in empowering the private
sector and improving government efficiency to drive the country's
transformation and meet Vision 2030's targets.
Experts underscore the importance of e-commerce for large
companies, both locally and globally, as they increasingly turn to online
platforms to expand their businesses.
Saudi Arabia is creating a competitive environment for both
local and foreign companies by adopting new technologies, energizing the Saudi
market. Dr. Mohammed bin Duleim Al-Qahtani, an economic analyst and academic at
King Faisal University, predicts a 13.5% annual growth in Saudi Arabia's
e-commerce sector, surpassing the global average of 11.2%.
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Al-Qahtani projected that the
sector, currently valued at $21 billion, will exceed $30 billion by 2027 and
reach around $44 billion by 2030. He highlighted Saudi Arabia’s focus on
digital infrastructure and e-commerce, leveraging its strategic location.
Al-Qahtani stressed the importance of expanding e-commerce
and digital banking, suggesting the internationalization of branches of major
local banks. He also emphasized global efforts, led by G20 nations like Saudi
Arabia, to address e-commerce challenges and ensure cyber and financial
security.
Source: https://english.aawsat.com/
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