The e-commerce sector in Saudi Arabia is rapidly growing, with Minister of Commerce Majid Al-Qasabi stating that it now makes up 8% of the total trade in the country. Projections suggest that by 2025, the sector’s revenues will reach SR260 billion. Al-Qasabi highlighted the significant growth of financial technology companies, which have grown by 95% and now number over 170, up from just 10 in 2018. He emphasized the importance of consumer protection, stating that rules have been developed for market regulation, price control, and combating fraud. Currently, a consumer protection system is under review by the Experts Authority.
The National Program to Combat Commercial Cover-Up involves 13 government agencies working together in an integrated manner, with the use of artificial intelligence in building a cover-up index. Small and medium enterprises are a focus of the government’s efforts, with the Small and Medium Enterprises General Authority working on six main axes to support their growth. These include access to financing, procedures and fees, spreading the culture of entrepreneurship, support services, innovation, and access to markets. Al-Qasabi noted that the share of small and medium enterprises in credit facilities is significant, amounting to SR275 billion or 8.7% of the total facilities.
To further support enterprises and entrepreneurs, Al-Qasabi encouraged them to participate in the Biban 24 Forum, which will be held on November 5 in Riyadh. This forum will provide a platform for networking, learning, and showcasing the latest trends in the business world. By participating in events like this, entrepreneurs can gain valuable insights and connections that can help them grow their businesses. Al-Qasabi’s emphasis on the importance of empowering small and medium enterprises underscores the government’s commitment to fostering a thriving business environment in Saudi Arabia.
In conclusion, the e-commerce sector in Saudi Arabia is on a trajectory of significant growth, with the sector’s revenues expected to reach SR260 billion by 2025. The government’s efforts to support small and medium enterprises through various initiatives and programs highlight the importance of these businesses in driving economic growth and innovation. By focusing on consumer protection, market regulation, and financial support, the government aims to create a conducive environment for businesses to thrive. Entrepreneurs and enterprises are encouraged to take advantage of opportunities like the Biban 24 Forum to network, learn, and grow their businesses. Through collaboration and innovation, Saudi Arabia’s business landscape is poised for further expansion and success.
