The Saudi Council of Ministers approved the e-commerce system to regulate the relation between the parties in the sector in view of the growth of the e-commerce in the Kingdom.
In this context, Majed Al-Qasabi, the Saudi Minister of Commerce and Investment, pointed out that "the e-commerce system is a new historical phase in the national economy which enhances its position and ability to keep abreast of all the modern changes and trade patterns in the world. It also aims at strengthening the trade transactions, stimulate & develop the e-commerce activities, and protect the consumers from fraud, deception or disinformation and the preservation of all rights.
"The importance of e-commerce and its role in strengthening the national economy in light of the robust growth in Saudi Arabia, which is one of the top 10 countries in the world growth rate of more than 32 per cent per year," he said, adding that "strengthening the e-commerce system is one of the most important objectives of the National Transformation Program in support to achieve the Vision 2030".
The Saudi Minister of Commerce and Investment revealed that the value of Saudi Arabia's e-commerce market has reached 80 billion riyals ($21.3 billion) of goods and services.
Source (Asharq Al-Awsat newspaper, Edited)
