Saudi Arabia’s cabinet has passed the e-commerce law, the state-run Saudi Press Agency reported on Tuesday.
The law was approved after the recommendations submitted by the Ministry of Commerce and Investment and the Saudi Council of Economic and Development Affairs had been reviewed.
“The e-commerce law will enhance consumer reliability in online transactions, stimulate the digital market in line with the objective of Saudi Vision 2030 and global trading system,” said investment minister Majid Al-Qasabi on his twitter account.
The new regulation comes as part of the e-commerce council’s initiatives. The ministry is looking to benefit from the strong growth of e-commerce across the Kingdom under 39 initiatives to enhance infrastructure, payment systems, postal and logistic services.
It will also provide a promising market for potential investments in the e-commerce sector. The e-commerce market size in Saudi Arabia stands at SAR 80 billion, Al-Qasabi added.
In 2018, the Kingdom approved setting up the e-commerce council, to be chaired by the minister of commerce and investment.