Saudi Arabia establishes a new e-commerce council

As Saudi Arabia becomes an attractive platform for investment, the authorities are currently working on establishing a new e-commerce council to deal with the huge momentum of online commerce, Minister of Commerce and Investment Majid Al-Qasabi announced. Al-Qasabi explained that 85 percent of the ministry’s services are provided electronically, noting that from 2016 until the end of the third quarter of 2019, 2,437 investment licenses were granted to foreign investors. He pointed out that the Kingdom has become one of the top 10 countries in online shopping and electronic purchases, noting that the new market transformations and different trade patterns come within the ministry’s interest.

The minister explained that the Kingdom has opened many new areas of investment, including vital sectors in the fields of entertainment, tourism, logistics, and minerals. He added that investments are also open in mega projects such as NEOM, Qiddiya and the Red Sea. During a panel discussion on the Saudi presence on the international investment map at the Saudi Media Forum, Qasabi highlighted the Kingdom’s important role in this regard.

He said that the Kingdom has achieved many achievements according to the World Bank report. He reaffirmed the importance of e-commerce and its role in strengthening the national economy in light of the significant growth witnessed by the Kingdom of Saudi Arabia. Al-Qasabi pointed out that there is an economic vision for 2030 and the media needs a similar vision under the leadership of the Minister of Information.

Furthermore, the committee discussed the strength of the Saudi economy as an important player in the G20 countries and how the G20 summit has become a welcoming place to strengthen the Saudi presence on the international map. #E-commerce #Saudi Arabia