Saudi Arabia is improving its investment environment in e-commerce, aiming to attract more domestic and international companies to tap into this fast-growing market, which is expected to reach $44 billion by 2030. We are working on improvements.
Strengthening the e-commerce sector is a key goal of the National Transformation Program and supports Saudi Arabia's Vision 2030.
The move is critical to boosting the national economy, as Saudi Arabia ranks among the top 10 fastest-growing countries in e-commerce.
The program plays a key role in empowering the private sector and improving government efficiency to drive the country's transformation and achieve the Vision's goals.
Experts emphasize the importance of e-commerce domestically and globally for large companies who are increasingly turning to online platforms to expand their business.
Saudi Arabia is reinvigorating the Saudi market by introducing new technologies, creating a competitive environment for both domestic and foreign companies.
Dr. Mohammed bin Dureim Al Qahtani, an economic analyst and academic at King Faisal University, predicts that the annual growth rate of Saudi Arabia's e-commerce sector will be 13.5%, higher than the global average of 11.2%.
In a meeting with Asharq Al-Awsat, he predicted that the sector, currently valued at $21 billion, will exceed $30 billion by 2027 and reach around $44 billion by 2030.
Al-Qaftani emphasized that Saudi Arabia is leveraging its strategic location to focus on digital infrastructure and e-commerce.
He emphasized the importance of expanding e-commerce and digital banking, and suggested internationalizing the branches of major regional banks.
Mr. Al-Qaftani also highlighted global efforts led by G20 countries, including Saudi Arabia, to address e-commerce challenges and ensure cyber and financial security.
