Saudi Arabia's e-commerce market continues to grow steadily and is expected to reach $14.78 billion this year, with the number of Saudi internet users expected to reach 33.6 million and its revenue expected to rise by 2029. It is expected to surge to $25 billion, marking the highest annual average. Dubai-based e-commerce giant Webcastle Technologies said the growth rate (CAGR) was 11.08%, citing a report from global market information provider Statista.com.
The Kingdom is currently experiencing tremendous growth and transformation and will be deploying the best web developers, programmers, mobile applications and e-commerce platform developers to achieve exponential growth over the next 5-15 years. There is a need to digitize the economy by doing so, the senior executive said. Officials from WebCastle Technologies attended an important award ceremony where they were awarded the prestigious Best E-Commerce Agency Award (KSA 2024).
Webcastle Technologies, which recently entered the Saudi market, won an award for outstanding performance at the 6th Middle East Retail and E-Commerce Summit and Awards KSA held at the Marriott Hotel in Riyadh recently.
“This recognition comes after we entered Saudi Arabia with an efficient team that leverages our business licenses, offices, and expertise to digitally transform many Saudi companies and accelerate their growth through online platforms. This was achieved within a few months,” said co-owner Jabir ML. After winning the award, he was the founder, CEO, director and CGO of WebCastle Technologies, Mr. Suhail Iqbal.
According to them, WebCastle Technologies plans to accelerate the growth of its Saudi customers' online businesses by migrating them to the Web 3 technology platform.
“This award is great recognition for WebCastle Technologies. For over 15 years, WebCastle Technologies has delivered over 1,000 projects including website development, mobile applications and e-commerce projects to over 800 satisfied customers in the GCC region. “We have more than 150 professionals working in the GCC and India,” he added.
Mr. Jabir pointed out that this award is a testament to the company's expertise, dedication, professionalism, hard work and contribution to the retail services sector.
“We are one of the pioneers in the field of e-commerce. We help develop dynamic and attractive web portals, mobile applications, and e-commerce platforms that help businesses grow manifold. “We enable our company to grow with our customers and business partners,'' he said.
According to the US Department of Commerce, Saudi Arabia's e-commerce channels are poised for continued growth. By 2024, the number of Saudi e-commerce (buy and sell) internet users is expected to reach 33.6 million, an increase of 42% from 2019.
“Saudi Arabia has the highest smartphone penetration rate in the world (97%), mobile broadband internet subscribers are higher than most developed markets, and internet speed ranks 10th in the world, with a relatively high market share. “72% of the population over the age of 15 has a bank account,” said a recent report from the International Trade Administration, part of the U.S. Department of Commerce.
Webcastle Technologies, a Google Partner with a team of Microsoft Certified Systems Engineers, builds the most user-friendly and efficient web portals, e-commerce platforms, and mobile applications, driving growth for these clients. is.
While delivering the keynote address at the summit, Iqbal said, “If Saudi Arabia has to grow faster, its business must transform and become more digitally focused to acquire more customers and accelerate sales.” “This can only happen if Saudi Arabia does so.” Companies are strengthening their presence online and on the Web3 platform, which is key to economic growth and employment in the Kingdom. ”
“We have started working together to help Saudi public and private sector companies grow to the next level. Although this will be a difficult task, we have already begun a common journey with Saudi companies. ” he added.
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