The issuance of existing commercial records for e-commerce in Saudi Arabia recorded a growth of 17.47 percent by the end of the second quarter of 2024, new data showed.
According to the Q2 2024 Business Sector Bulletin issued by the Saudi Ministry of Commerce, during this period, 40,697 e-commerce records were issued, compared to 34,645 in the same period of 2023.
Riyadh topped the regions in Saudi Arabia for issuing e-commerce records, with 16,535 commercial records. Makkah followed with 10,325 records, the Eastern Province with 6,525, Madinah with 1,938, and Al-Qassim with 1,326.
Role of e-commerce in Saudi’s Vision 2030
Strengthening the e-commerce business system is one of the goals of the National Transformation Program, which supports achieving Saudi Arabia’s Vision 2030. E-commerce plays a significant role in strengthening the national economy, with Saudi Arabia ranking among the top 10 growing countries in this field.
Ministry’s efforts to promote e-commerce
The Ministry of Commerce seeks to stimulate e-commerce markets, increase confidence in its dealings, and protect customer rights, enhancing growth and contributing to the goals of Vision 2030. The Ministry supports entrepreneurs transitioning from traditional commerce to e-commerce through various entities providing services in empowerment, electronic payment, digital marketing, technical solutions, electronic markets, logistical solutions, and e-store development platforms.
A key entity in this effort is the E-Commerce Council, which aims to enhance e-commerce reliability, increase its contributions to the national economy, and stimulate e-commerce activities in Saudi Arabia.
Read more: Going digital: Luxury e-commerce growth outpaces non-luxury’s
Capitalizing on rapid market expansion
Saudi Arabia is working to improve its investment climate for e-commerce, aiming to attract more local and international companies to tap into this rapidly growing market, projected to reach $44 billion by 2030.
Enhancing the e-commerce sector is a key goal of the National Transformation Program, supporting Saudi Arabia’s Vision 2030. This move is vital for boosting the national economy, as the Kingdom ranks among the top 10 fastest-growing countries in e-commerce. The program plays a crucial role in empowering the private sector and improving government efficiency to drive the country’s transformation and meet the vision’s targets.
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