UBS Group analysis pointed out that the Middle East

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Saudi Arabia is the largest e-commerce market in the Middle East. With a population of nearly 36 million, the country has a large customer base and a special preference for online shopping. The Saudi Internet Report 2023 released by the Saudi Communications, Space and Technology Committee shows that in 2023, Saudi Arabia's Internet penetration rate will reach 99%, and the proportion of online shopping will jump to 63.7%.


In 2023, the share of retail consumer electronic payments in total payments will uk phone numbers list increase from 62% in 2022 to 70%. It is expected that the scale of Saudi Arabia's foreign trade e-commerce will reach US$13.6 billion in 2024 and US$27.4 billion in 2029, with a compound annual growth rate of 15%.



is still in the "early stages of digitalization". As the leaders in the Middle East, the foreign trade e-commerce market size of Saudi Arabia and the United Arab Emirates is currently only around US$10 billion, but there is still huge room for growth. The foreign trade e-commerce market in the Middle East is in a development stage with a low total volume but explosive growth, and it is expected to continue this trend for some time to come.