RIYADH: Saudi Arabia’s e-commerce sales using Mada cards reached SR17.44 billion ($4.65 billion) in November 2024, a year-on-year growth of 29.4 percent, according to recent data from the Saudi Central Bank.

This figure includes payments for online shopping, in-app purchases, and e-wallet transactions, but excludes payments made through credit cards such as Visa and MasterCard.

The rise in e-commerce activity aligns with Saudi Arabia’s goal to make digital commerce 80 percent of the retail sector by 2030, with 70 percent of transactions conducted online by the same year.

Mada, the Kingdom’s national payment card system, supports both debit and prepaid services within its network. The cards utilize near-field communication technology for contactless payments, enabling secure transactions at both physical retailers and online. Mada cards play a crucial role in Saudi Arabia’s transition to a cashless economy.

In addition to the surge in sales, the number of e-commerce transactions also saw a significant increase, rising by 26.49 percent year on year to nearly 99 million transactions in November alone.

The spike in e-commerce activity in Saudi Arabia can be attributed to a combination of demographic and economic factors. With 60 percent of the population under the age of 30, the Kingdom is witnessing a growing trend toward digital consumption, largely driven by a tech-savvy youth demographic eager to embrace online shopping.

Furthermore, the expanding middle class and the rising influx of expatriates are contributing to greater financial capacity, while the growth of dual-income households further bolsters spending power.

This evolving economic landscape, paired with shifting consumer expectations for personalized and seamless digital experiences, is driving businesses to innovate and enhance their online offerings.

Ongoing infrastructure development—including the construction of new cities and modern shopping centers—adds to the momentum. As these trends continue, Saudi Arabia’s e-commerce sector is poised for substantial growth, reshaping the Kingdom’s retail environment in the coming years.

According to the latest data from the Ministry of Commerce, the Kingdom’s e-commerce sector saw a total of 40,953 businesses registered by the fourth quarter of 2024, reflecting a 10 percent year-on-year increase. Riyadh led in business registrations with 16,834, followed by Makkah and the Eastern Province. This uptick is a testament to Saudi Arabia’s push toward a digitally-driven, diversified economy, with e-commerce playing a central role in the transformation.

In parallel, the fintech sector also experienced notable growth, with the Ministry of Commerce reporting a 12 percent increase from the previous year. A total of 3,152 new fintech business registrations were recorded in the fourth quarter of 2024, highlighting the sector’s expanding role in supporting secure and seamless online transactions.

The growth of e-commerce and fintech is part of a broader trend of innovation across various sectors in Saudi Arabia. Recent reports highlight significant advances in cloud computing services, solar panel manufacturing, and real estate development—all in alignment with the goals of Vision 2030, which seeks to diversify the economy and promote sustainability.

With its rapidly expanding digital economy, Saudi Arabia is well-positioned to lead in the future of global e-commerce, as the country continues to embrace technological innovation and sustainability.

RIYADH: Egypt’s economy is on track to grow 4 percent in the current fiscal year, driven by ongoing structural reforms, according to the minister of planning and economic development.

In a meeting with the National Press Authority, Rania Al-Mashat confirmed the country was still on course to hit that figure — originally flagged in April — despite output from the Suez Canal being affected by regional tensions.

The minister also used the meeting to outline Egypt’s plans to enhance its investment climate, with the government seeking $4.2 billion in macroeconomic support from global partners.

This comes against a backdrop of a surge in foreign direct investment inflows, which reached a record $46.1 billion in the 2023/2024 fiscal year, compared to just $10 billion the previous year, according to data released by the Central Bank of Egypt. 

Al-Mashat also emphasized the government’s commitment to prudent investment management, highlighting that the public investment budget for the current year is capped at 1 trillion Egyptian pounds ($19.78 billion), with a focus on completing projects that are at least 70 percent finished, according to a release. 

Between 2020 and 2024, the private sector secured $14.5 billion in concessional development financing from global partners. For the first time, soft international financing for the private sector has surpassed government financing in 2024, Al-Mashat noted. 

The minister also disclosed that negotiations are underway with the EU and other international partners for a second phase of macroeconomic support, totaling €4 billion ($4.10 billion) in budget aid, alongside €1.8 billion in investment guarantees. 

She highlighted Egypt’s renewable energy progress, with the National Platform for the “NWFE” program securing $3.9 billion in financing for renewable projects. The program is set to add 4,200 megawatts of clean energy capacity and phase out 1,200 MW of thermal power generation. 

Al-Mashat also outlined the ministry’s long-term vision following the merger of planning, economic development, and international cooperation portfolios. The aim is to drive sustainable growth and improve the quality and quantity of economic development in line with Egypt’s Vision 2030 and other strategic frameworks. 

The government is currently drafting the 2025/2026 Socio-Economic Development Plan, aligned with the mid-term budget framework. She pointed out that efforts to restructure the National Investment Bank and manage debt with key institutions, such as the National Bank of Egypt and Egypt Post, are also ongoing. 

Despite stringent controls on investment spending, human development remains a priority. Al-Mashat noted that nearly 50 percent of the 2024/2025 investment plan — amounting to nearly 2 trillion pounds — will go toward public investments, with a significant portion dedicated to human development and water and sanitation projects. 

The minister concluded the meeting by pointing out the role of 54 joint committees that the ministry oversees, which are designed to promote economic cooperation and opportunities with other nations.