Saudi Minister of Commerce, Dr. Majed Al-Qasabi, recently announced that the growth of Saudi trade exchange in terms of goods and services exceeded SR2.5 trillion during the year 2023. He highlighted that the number of commercial registrations in the Kingdom had crossed 1.54 million by the end of October 2024. Al-Qasabi made these statements while engaging with businessmen, women, entrepreneurs, and investors in the Hail region, listening to their proposals and challenges to aid the development of their various sectors. During his visit to Hail, the minister met with Emir of Hail, Prince Abdulaziz bin Saad, to discuss further opportunities for growth in the region.
According to Al-Qasabi, the growth of e-commerce in the Kingdom accounts for 8 percent of the total trade and its revenues are expected to reach SR260 billion by 2025. He also highlighted the various updates made to the Commerce Law, including over 110 legislations in the past eight years. Key legislations mentioned by the minister include the new Companies Law, E-commerce Law, Commercial Franchise Law, and the upcoming Consumer Protection Law. Market rules have been developed to protect consumers, monitor prices, combat fraud, and commercial cover-up. Additionally, consumer complaints centers, recall centers, compliance systems for electronic inspection and control, as well as monitoring systems for inventory and commodity prices have been established.
The Hail region, as emphasized by Dr. Majed Al-Qasabi, boasts unique components, heritage legacy, and geographical diversity. He pointed out that commercial registrations in Hail have seen a significant growth of 27.9 percent over the past five years, surpassing 33,000 commercial registrations. The inspection teams in the Hail region have been proactive, conducting over 34,500 visits and addressing more than 19,700 commercial complaints during the current year. The minister’s visit to Hail aimed at further exploring opportunities for economic growth and development in the region, leveraging its distinct characteristics and commercial potential.
Al-Qasabi’s engagement with businessmen, women, entrepreneurs, and investors in the Hail region underscores the government’s commitment to supporting and facilitating business growth and development. The focus on e-commerce and the anticipated revenues in the sector highlight the Kingdom’s efforts to diversify its economy and embrace digital transformation. The implementation of updated legislations and market rules demonstrates Saudi Arabia’s dedication to enhancing consumer protection, monitoring prices, and combating fraudulent practices, which are essential for a thriving marketplace.
The minister’s meetings with local authorities and stakeholders in Hail reflect a collaborative approach towards addressing challenges and harnessing opportunities for economic expansion. By leveraging the unique components and geographical diversity of the Hail region, the government aims to further stimulate commercial activities and encourage entrepreneurship. The growth in commercial registrations and the proactive measures taken by inspection teams demonstrate the commitment to ensuring a fair and competitive business environment. As Saudi Arabia continues to evolve its business landscape, initiatives like the Consumer Protection Law and enhanced monitoring systems will contribute to building a more transparent and sustainable marketplace that benefits all stakeholders.
