The Kingdom of Saudi Arabia is actively enhancing its e-commerce landscape to become more alluring for both local and international enterprises, with projections estimating the market’s value could hit $44 billion by the end of the decade.
As a pivotal component of the National Transformation Program, bolstering e-commerce aligns with the broader objectives of the country’s ambitious ‘Vision 2030’.
The strategic initiative is not only pivotal for economic stimulation but also places Saudi Arabia within the top 10 fastest-growing e-commerce markets globally.
Central to this initiative is the strengthening of the private sector and governmental procedures, which are integral to realising the transformative aspirations of Vision 2030.
Industry specialists point out the escalating significance of e-commerce for prominent enterprises, both within the national borders and on an international scale, as they increasingly adopt digital channels to broaden their market reach.
By embracing innovative technologies, Saudi Arabia is cultivating a dynamic and competitive marketplace for businesses from all corners of the world.
Dr. Mohammed bin Duleim Al-Qahtani, a well-regarded economic analyst and scholar at King Faisal University, forecasts that the Saudi e-commerce sector will witness an annual expansion of 13.5%, outpacing the worldwide average growth rate of 11.2%.
In a discussion with a leading publication, he anticipated that the sector, currently valued at $21 billion, is on a trajectory to surpass $30 billion by 2027, with the potential to approach $44 billion by the year 2030.
Al-Qahtani underscored Saudi Arabia’s dedication to enhancing its digital infrastructure and e-commerce capabilities, leveraging its geographically strategic position.
He further underscored the importance of growing e-commerce and digital banking systems, proposing the international expansion of branches from major domestic banks.
Furthermore, Al-Qahtani accentuated the concerted global efforts, spearheaded by G20 countries including Saudi Arabia, to confront the challenges associated with e-commerce, aiming to fortify cyber and financial security measures.