BURAIDAH — Saudi Minister of Commerce Majid Al-Qasabi has said that the e-commerce sector constitutes 8% of the total trade in Saudi Arabia.

According to expectations, the sector's revenues will reach SR260 billion by 2025.

Al-Qasabi pointed out that financial technology companies grew by 95%, increasing their number from only 10 companies in 2018 to more than 170 currently. The minister made the remarks during a meeting with businessmen, women and entrepreneurs in the Qassim Chamber.

Regarding consumer protection, he said rules have been developed for the market, price control, combating fraud and commercial cover-up, and there is a consumer protection system currently being studied by the Experts Authority.

Al-Qasabi stressed that there is integrated work between 13 government agencies in the supervisory committee of the National Program to Combat Commercial Cover-Up, and artificial intelligence was used in building the cover-up index.

In the path of empowering small and medium enterprises, he addressed 6 main axes that the Small and Medium Enterprises General Authority is working on, which are: access to financing, procedures and fees, spreading the culture of entrepreneurship, support services, innovation, and access to markets.

The minister explained that the share of small and medium enterprises in credit facilities amounted to SR275 billion, representing 8.7% of the total facilities. He called on enterprises and entrepreneurs to benefit from Biban 24 Forum, which will be held on November 5 in Riyadh.

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