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Saudi E-Commerce: Continuous Growth Fuels Sustainable Development

The ‘23rd Biban Forum’ recently held in Riyadh spotlighted e-commerce in the Middle East (Asharq Al-Awsat)
The ‘23rd Biban Forum’ recently held in Riyadh spotlighted e-commerce in the Middle East (Asharq Al-Awsat)
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Saudi E-Commerce: Continuous Growth Fuels Sustainable Development

The ‘23rd Biban Forum’ recently held in Riyadh spotlighted e-commerce in the Middle East (Asharq Al-Awsat)
The ‘23rd Biban Forum’ recently held in Riyadh spotlighted e-commerce in the Middle East (Asharq Al-Awsat)

As more and more Saudis are turning to online buying, the Kingdom is seeing unprecedented growth in e-commerce businesses, with the total number of registered firms in the country touching 35,314 in the second quarter of 2023.

This growth has paved the way for initiatives organized by the General Authority for Small and Medium-sized Enterprises (Monshaat), particularly in the realm of e-commerce.

These initiatives are aimed at enhancing and fostering the e-commerce sector in the region. The goal is also to empower entrepreneurs to access all the services and facilities provided by relevant authorities.

The landscape of e-commerce in Saudi Arabia has witnessed remarkable evolution and rapid strides in recent years, transforming it into one of the fastest-growing markets in the Middle East.

This transformation can be attributed to the increasing number of online shoppers and the growth of digital infrastructure. Improvements in internet speed and electronic security have also played a significant role.

Aligned with the goals of the Kingdom’s national transformation plan, “Vision 2030,” which seeks comprehensive digital transformation across various sectors, Saudi Arabia places significant emphasis on e-commerce as a key pillar of its economic growth.

With a multitude of e-commerce platforms, each offering a diverse range of services and features tailored to the needs of various businesses, this sector continues to sustain steady growth.

Expectations for further development and prosperity in the future remain high, thanks to government support and technological advancements.

Establishing an online store presents a promising opportunity for entrepreneurs, startups, and small to medium-sized enterprises to reach a broad customer base within and beyond the Kingdom.

This is due to the financial incentives and investment facilitations that are readily available.

The Saudi e-commerce market currently ranks 27th globally, boasting over 28.4 million users, with expectations that this number will reach 34.5 million by 2025.

Furthermore, the Kingdom commands a significant share of 45% in the e-commerce market within the Middle East and the Arab world, solidifying its role as a vital element in achieving economic sustainability.

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French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
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French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)

French Finance Minister Antoine Armand said on Saturday that the 2025 budget could still be improved, but stopped short of giving ground in a standoff with the far right over new concessions.

Ratings agency Standard & Poor's gave Prime Minister Michel Barnier's fragile minority government a rare reprieve late on Friday leaving its rating steady although France's budget deficit has spiraled out of control this year.

Any relief is likely to prove short-lived with both the left and far right threatening to bring Barnier's government down over the budget, which seeks to squeeze 60 billion euros ($64 billion) in savings through tax hikes and spending cuts.

Marine Le Pen's far right National Rally (RN), whose tacit support Barnier needs to survive a likely no confidence motion, has given him until Monday to accede to her demands to make further changes to the budget.

"This government, under his authority, is willing to listen, to have a dialog, to be respectful, to improve this budget," Armand told journalists.

Asked about the showdown with Le Pen, he said: "The only ultimatum really facing the French is that our country gets a budget."

On Thursday, Barnier already dropped plans to raise electricity taxes in the budget as the RN had demanded, but it is keeping pressure on the government to scrap plans to postpone an increase in some pensions to save money.

RN lawmaker Jean-Philippe Tanguy told Les Echos newspaper on Saturday if the bill is not modified the party would back a no-confidence motion.

The test could come as soon as Monday if his government has to use an aggressive constitutional measure to ram the social security financing legislation through parliament, which will trigger a no-confidence motion.