Saudi Arabia: E-commerce market in Saudi Arabia is poised to reach US$14.78 billion by 2024

Press Release

Saudi Arabia, which is undergoing tremendous growth and transformation, will have to digitize its economy by deploying the best web developers, coders, mobile application and E-Commerce platform developers that will help the Kingdom achieve exponential growth in the next five to 15 years

Dubai-based E-commerce leader WebCastle Technologies, which has recently entered the Saudi Arabian market, has been bestowed upon the prestigious Best E-Commerce Agency Award – KSA 2024 for its outstanding performance at the 6th Middle East Retail & E-Commerce Summit and Awards KSA held at the Marriott Hotel in Riyadh on May 1, 2024.

Mr Jabir ML, Co-Founder and Chief Executive Officer and Mr Suhail Iqbal Director and CGO of WebCastle Technologies, received the award for the company.

The recognition comes within a few months after WebCastle Technologies entered Saudi Arabia armed with a business license, office and an efficient team that is digitally transforming many Saudi Arabian companies to accelerate growth through their online platforms though its expertise. WebCastle Technologies plans to accelerate the business growth of its Saudi Arabian clients by migrating their online businesses to the Web 3 technology platforms.

The winning of the Best E-Commerce Agency Award 2024 by WebCastle Technologies comes as revenue in the E-commerce market in Saudi Arabia is poised to reach US$14.78 billion by 2024. The E-commerce revenue is expected to record a Compound Annual Growth Rate (CAGR) of 11.08 percent to US$25 billion by 2029, according to, a global market intelligence provider.

According to the US Department of Commerce, Saudi Arabia’s e-commerce channel is primed for continued growth.  By 2024, the number of Saudi internet users for e-commerce (selling and buying) is expected to reach 33.6 million, an increase of 42 percent from 2019.

 “While local e-commerce platforms dominate the Saudi market, new players are entering – including Amazon Prime, which entered Saudi Arabia in January 2021.  Importantly, the Saudi Arabian Government is taking steps to strengthen Saudis’ confidence in e-commerce and to spur the use of e-commerce platforms by strengthening the country’s e-commerce regulatory environment to protect consumers and companies.”

 Suhail Iqbal Director and CGO of WebCastle Technologies, who delivered a keynote address at the 6th Middle East Retail & E-Commerce Summit and Awards KSA, said,

“If Saudi Arabia has to grow faster, its businesses will have to transform and become more digitally focused in order to acquire more customers and accelerate sales. This can only happen if Saudi Arabian companies strengthens their presence online and Web3 platforms – which is key to the Kingdoms economic growth and employment.

“We have started working with Saudi Arabian public sector and private sector businesses to help them grow to the next level.”