Investment in e-commerce startups hits SAR 1.6B in 2023: Monshaat

Logo of Small & Medium Enterprises General Authority (Monshaat)

Small & Medium Enterprises General Authority (Monshaat) issued a report to shed light on the e-commerce system in the Kingdom, in addition to government initiatives that support the small and medium-sized enterprises (SMEs) sector.

The Kingdom has become one of the most vibrant e-commerce markets in general in the MENA region. SMEs are among the sectors that benefit most from e-commerce, as it opens the door to benefit from the growth and expansion opportunities it offers, including overcoming barriers to market access, reducing operating costs, and reaching a wide customer base, according to the report.

The report also reviewed the key figures and statistics on e-commerce in the Kingdom, highlighting the extent of the development witnessed by the sector in recent years, as the value of venture investment in startups operating in e-commerce reached SAR 1.6 billion in 2023.

Key Developments and Statistics
Item	Details
Percentage of products imported from outside the Kingdom in 2023	35.44%
International tax exemption limit for e-commerce operations	SAR 1,000
Number of e-stores that can be accessed in the Kingdom	42,900
Total number of shipping and delivery service providers in the Kingdom in 2022	191
Value of venture investment in e-commerce startups during 2023	SAR 1.6 bln
Number of holders of freelance work documents and notaries through the e-commerce authentication service from the Saudi Business Center in 2023.	26,300
Number of commercial register holders and notaries through the e-commerce authentication service from the Saudi Business Center in 2023.	16,600
Number of achievements centers and warehouses inside and outside cities and closed stores	14,000
CAGR in e-commerce between 2020-2025.	15%
Growth rate in number of users of e-commerce platforms between 2019-2024.	42%
Expected number of users of e-commerce platforms in the Kingdom in 2025	34.5 mln
Global ranking of the Kingdom's economy in e-commerce	8th place globally

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