Saudi Arabia's e-commerce boom, regional growth drive economic development
Date
9/11/2024 9:19:23 AM
(MENAFN) Saudi Arabia is experiencing robust growth in its e-commerce sector, with this segment now representing 8 percent of the nation's total trade. Minister of Commerce Majid bin Abdullah Al-Qasabi projected that e-commerce revenues are anticipated to reach 260 billion riyals (approximately 70 billion dollars) by 2025. This forecast highlights the significant expansion of online trade, reflecting the sector's increasing impact on the Saudi economy.
In addition to e-commerce, Al-Qasabi noted substantial growth in commercial activities in the Qassim region. Over the past six years, the number of commercial records in Qassim has surged by 14.5 percent, reaching 77.9 thousand by the end of August 2024, compared to 68 thousand records at the end of 2018. This increase indicates a burgeoning interest in various promising sectors within the region, including light transport, logistics services, and the establishment of refining and petrochemical facilities, with growth rates ranging from 67 to 96 percent.
The Qassim region's date industry holds particular significance, as it produces one-third of the Kingdom's dates. Consequently, the Qassim Chamber has been directed to prioritize the institutionalization of the Buraidah Dates Festival and its marketing efforts. Al-Qasabi emphasized the importance of advancing research in the date industry and fostering stronger connections between farmers, marketers, and the National Center for Palms and Dates through workshops and ongoing communication.
Furthermore, Saudi Arabia is committed to enhancing the role of chambers of commerce. The newly implemented Chambers of Commerce system aims to improve governance and operational procedures, ensuring that each chamber becomes a hub of confidence and growth, particularly in sectors with competitive advantages, thereby stimulating further investment and development.
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