Saudi Arabia’s cabinet approved an e-commerce law earlier this week to increase the reliability of the e-commerce market in the Kingdom and increase e-commerce’s contribution to the economy.
The law is the first of its’ kind in the Kingdom. It will regulate the relationship between consumers and e-commerce merchants, especially those operating without a commercial registration. It will help protect both parties from fraud, deception and misleading information.
Covering 39 initiatives, the law to enhance infrastructure, payment systems, postal and logistical services. It will allow those without a commercial registration to practice business activity and deliver goods and services under a regulatory framework.
Strengthening the e-commerce market is one of the most important aspects of the National Transformation Program (NTP) in support of the Vision 2030. As the Kingdom is one of the top 10 countries with an e-commerce market growing at a rate faster than 32 percent annually. The value of e-trade in the country last year was SAR80 billion – a promising market for investors.