Saudi Minister of Commerce Majid Al-Qasabi revealed that the e-commerce sector now makes up 8% of the Kingdom’s total trade, with revenues expected to reach SR260 billion by 2025. Speaking during a meeting with business leaders and entrepreneurs at the Qassim Chamber, Al-Qasabi noted the significant growth in financial technology, with the number of fintech companies increasing by 95%, from just 10 in 2018 to more than 170 today.
On consumer protection, Al-Qasabi emphasized that new regulations have been implemented to address price control, fraud, and commercial cover-ups. A consumer protection system is also currently under review by the Experts Authority. He highlighted the National Program to Combat Commercial Cover-Up, which involves 13 government agencies, and noted the use of artificial intelligence in building the cover-up index.
Regarding the empowerment of small and medium enterprises (SMEs), the minister outlined six key areas being addressed by the Small and Medium Enterprises General Authority: access to financing, procedures and fees, fostering an entrepreneurial culture, support services, innovation, and market access. He pointed out that SMEs now account for SR275 billion in credit facilities, representing 8.7% of total credit.
Al-Qasabi encouraged enterprises and entrepreneurs to take advantage of the upcoming Biban 24 Forum, set to be held in Riyadh on November 5.
