E-commerce sector in Saudi Arabia experiences 9.4 percent expansion in 3rd quarter
Date
10/7/2024 5:33:17 AM
(MENAFN) Saudi Arabia's e-commerce sector is experiencing remarkable growth, with 39,769 businesses registered in the third quarter of this year, reflecting a 9.4 percent year-on-year increase. The Ministry of Commerce's latest data highlights that Riyadh is leading the charge with 16,274 registrations, followed by Makkah with 10,023 and the Eastern Province with 6,328. In addition, the Madinah and Qasim regions reported 1,897 and 1,302 registrations, respectively. This upward trend indicates the Kingdom's ongoing efforts to transition toward a diversified and digitally-driven economy, with e-commerce playing a pivotal role.
The growth of the e-commerce sector positions Saudi Arabia among the top 10 countries globally in terms of e-commerce expansion. This achievement underscores the nation's commitment to harnessing technology and digital platforms to enhance business operations and consumer access. As the Kingdom embraces digital transformation, it also aligns with broader economic goals outlined in Vision 2030, which aims to reduce dependency on oil and foster innovation across various sectors.
In addition to the e-commerce growth, the commercial sector as a whole has witnessed a remarkable 62 percent increase in the issuance of commercial records compared to the same period last year, totaling 135,909 new registrations. This surge brings the overall number of active commercial records in the Kingdom to over 1.5 million, illustrating the vibrant entrepreneurial spirit within the country. Such growth not only bolsters economic activity but also contributes to job creation and increased competition among businesses.
To support this flourishing commercial environment, the Ministry of Commerce has introduced five key regulatory systems aimed at enhancing confidence among businesses. These systems include the Commercial Register System, Trade Names System, Product Safety System, Standards and Quality System, and Measurement and Calibration System. By implementing these regulations, Saudi Arabia is taking significant steps to provide a stable and secure business landscape, further promoting investment and growth in the e-commerce sector and beyond.
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