$8 Billion in Saudi E-commerce Market

CITC
CITC
TT

$8 Billion in Saudi E-commerce Market

CITC
CITC

Saudi Arabia's Communications and Information Technology Commission (CITC) estimated the volume of e-commerce transactions between consumers and companies at 30 billion riyals ($8 billion), which reflects an increase in the Kingdom's e-commerce, which is now one of the largest e-commerce markets in the Middle East and North Africa.

According to the e-commerce market report issued by CITC, the average online spending of the Saudi shopper in 2016 was 4 thousand riyals (1.06 thousand dollars). The report pointed out that 42% online shoppers last year purchased through social networking sites and applications.

The reported stated that services accounted for two-thirds of total e-commerce spending in the Kingdom, with those related to travel taking the largest share of the service categories.

Saudi e-commerce market is undergoing a major growth boom, the report added, noting that the development of the Saudi e-commerce sector is linked to the implementation of a number of initiatives and strategies that will contribute to the diversification of the economy, supporting GDP, creating jobs, attracting investments, supporting entrepreneurship and innovation, and strengthening local industry.

The report emphasized that attaining the maximum benefits of the emerging e-commerce system in Saudi Arabia is also linked to supporting consumers' awareness and their trust in e-commerce, logistics and payment systems and telecommunications infrastructure.

CITC recently announced the number of mobile subscriptions in the country has reached 43.6 million, according to the latest statistics.

It also reported that the number of internet users in Saudi Arabia reached 24 million users.



Biban24 Forum in Riyadh Concludes with Signing of Agreements Worth SAR35.4 Billion

The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)
The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)
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Biban24 Forum in Riyadh Concludes with Signing of Agreements Worth SAR35.4 Billion

The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)
The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops. (SPA)

The Biban24 Forum, organized by Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at), concluded in Riyadh on Saturday after five days with agreements and initiatives topping SAR35.4 billion.

The forum, which attracted more than 182,000 visitors and was held under the theme “Global Destination for Opportunities”, offered numerous opportunities and activities to support the Kingdom's rapid development in the SME and entrepreneurial sectors.

Monsha'at Governor Sami Alhussaini said: “Biban24 achieved great success this year. We witnessed record agreements and the introduction of many innovative initiatives that support entrepreneurship in the Kingdom. We are proud of the announcements for financing portfolios and strategic partnerships with prominent local and international entities.”

The five-day forum attracted a large number of entrepreneurs from various countries and featured over 300 panel discussions and workshops in which over 250 foreign and local speakers took part.

The Biban Talks stage hosted over 100 speakers who delved into topics such as media, tourism, environment, education, sports, finance, and investment. The interactive environment enabled entrepreneurs to share their success stories and challenges.

Some 115 entrepreneurs took part in the Investors Arena, showcasing their projects to investors, which resulted in preliminary agreements for investors to sign deals with 65 companies, worth over SAR15 million.

More than 1,300 startups from 72 countries participated in the forum, which also celebrated the graduation of 12 startups from the Real Estate Innovation Accelerator. Also, the virtual lab was launched to support entrepreneurs.