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.
Empowering the private sector
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.
Creating competitive environment
Experts emphasize 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, which is energizing the Saudi market.
Read more: Global e-commerce sales to reach $7 trillion by 2026, boosted by MENA growth
Exponential growth projections
Dr. Mohammed bin Duleim Al-Qahtani, an economic analyst and academic at King Faisal University, predicts a 13.5 percent annual growth in Saudi Arabia’s e-commerce sector, surpassing the global average of 11.2 percent. He expected the sector, currently valued at $21 billion, to exceed $30 billion by 2027 and reach around $44 billion by 2030.
Leveraging strategic advantages
Al-Qahtani highlighted Saudi Arabia’s focus on digital infrastructure and e-commerce, leveraging its strategic location. He stressed the importance of expanding e-commerce and digital banking, suggesting internationalizing branches of major local banks. Al-Qahtani also underscored global efforts, led by G20 nations like Saudi Arabia, to address e-commerce challenges and ensure cyber and financial security.
For more news on the economy, click here.
