Key Highlights:
“The continued rise in e-commerce registrations reflects the Kingdom’s strategic push toward digital transformation.” Ministry of Commerce Representative
“Our goal is to ensure modern commerce reaches 80% of the retail sector by 2030 while expanding digital payment systems to 70% adoption.” Vision 2030 Statement
“From logistics to fintech and beyond, Saudi Arabia is creating an environment that attracts innovation and sustains economic growth.” Official Bulletin
Saudi Arabia’s e-commerce sector has experienced a steady rise, with the latest Ministry of Commerce report revealing a 10% year-on-year growth in the fourth quarter of 2024. The Kingdom now boasts 40,953 registered e-commerce businesses, further solidifying its position as one of the top 10 fastest-growing e-commerce markets globally.
Riyadh leads this growth with 16,834 registrations, followed by Makkah with 10,314 and the Eastern Province with 6,488. Other regions, such as Madinah and Qassim, have grown with 1,952 and 1,324 registrations, respectively.
Vision 2030: Digital Diversification
This growth aligns with Saudi Arabia’s Vision 2030 goals, which aim to create a diversified, digitally-driven economy. By 2030, the government targets e-commerce and modern commerce to make up 80% of the retail sector, while online payments are expected to reach 70% adoption.
“The continued rise in e-commerce registrations reflects the Kingdom’s strategic push toward digital transformation,” said a Ministry of Commerce representative. “This transformation is reshaping the commercial sector and enhancing its contribution to economic growth.”
Booming Logistics and Technology Sectors
The Kingdom’s logistics sector has also seen remarkable progress, with an 82% surge in the issuance of records in Q4 2024 compared to the same period in 2023. This brought total registrations to 16,561, with Riyadh leading at 8,074, followed by Makkah at 4,235 and the Eastern Province at 2,038.
Similarly, the application development sector experienced a 36% year-on-year jump, reaching 15,775 registrations in Q4 2024. Riyadh dominated this sector too, with 9,647 registrations, followed by Makkah and the Eastern Province.
The fintech solutions sector also demonstrated consistent growth, with a 12% year-on-year increase, achieving 3,152 new registrations.
Expanding Sectors Across Industries
Beyond e-commerce and logistics, Saudi Arabia is witnessing growth in cloud computing services, solar panel manufacturing, and real estate activities. The tourism and events industries have also thrived, with notable expansions in organizing tourist trips, entertainment events, conferences, and trade fairs.
“These developments reflect the Kingdom’s commitment to fostering innovation and sustainable growth across diverse industries,” the Ministry of Commerce stated.
Sustained Growth Amid Digital Transformation
The ministry’s quarterly business bulletin highlights Saudi Arabia’s commitment to creating a thriving and innovative commercial environment, showcasing the ongoing diversification of its economy under Vision 2030.
