Saudi Arabia’s eCommerce market is experiencing robust growth, valued at USD 10 billion in 2023 and projected to reach USD 17 billion by 2027. Saudi consumers are increasingly embracing online shopping, spending nearly USD 7 billion annually on goods from international merchants. Notably, more than 40% of online purchases are made via smartphones or tablets, with the average Saudi online shopper expected to increase their spending from USD 286 to USD 434 over the same period.

The launch of the Saudi Arabian Riyal Interbank Express (SARIE) system in April 2021 has facilitated real-time payments, enhancing the digital payment landscape under the supervision of the Saudi Central Bank (SAMA) and managed by Saudi Payments. Despite a decline in oil production in 2023, the country’s economic diversification efforts are primarily supported by the Public Investment Fund (PIF) and foreign investments, which reached USD 640 billion in 2022, accounting for nearly 60% of GDP, with foreign direct investments constituting 42%.