Saudi Arabia prioritizes new, start-up sectors; eyes digital economy: Al-Kassabi

Majid Al-Kassabi Minister of Commerce

Saudi Arabia eyes economic diversification and prioritizes new and start-up sectors, as its non-oil exports grew 77% from 2016 to 2022, said Majid Al-Kassabi, Minister of Commerce and Chairman of National Competitiveness Center.

During his participation at a ministerial session about e-commerce, organized by UNCTAD in Geneva, Al-Kassabi said that higher global digitization led to a shift in commerce and made it more reliable and transparent.

Saudi Arabia goes in tandem with the increased global digitization of economic reforms and modernization of infrastructure. It also focuses on shifting toward digital economy and enhancing knowledge-based economy.

He added that the unprecedented growth in international trade volume, which reached $7.7 trillion, led the MENA region to be open to international trade.