Saudi Arabia’s Ministry of Commerce and Industry has proposed a new draft e-commerce law to govern online transactions in the Kingdom.
Graphic via Payfort.com
The eCommerce market share in Saudi Arabia will hit $13.3 billion in 2015, so a new law, if passed, would help to regulate the growing industry.
According to the website Tfour.me, Saudi Arabia’s online retail is “expected to account for up to eight percent of its total retail market in 2015, leaving the US (7.1 percent), Japan (6.8 percent) and France (6.7 percent) behind.”
“This marks an important step for the growth of the digital economy here,” the website Payfort.com, which has published a list of predictions for e-commerce in the MENA region in January. “We believe that governments must step in to foster trust in ecommerce and we need similar laws in the UAE and other Arab nations.”
Payfort.com released an infographic on how the new law will work and what to expect from the e-commerce industry in 2015 in beyond, available here.
