What Saudi Arabia’s SAR 495 Billion Digital Economy Means for Online Business
From oil fields to data streams! Saudi’s next big export might just be opportunity itself. Vision 2030 isn’t a plan anymore. It’s happening.
Saudi Arabia is changing fast. The once oil-dependent economy is now a hub for local and foreign entrepreneurs. Technology, finance, and eCommerce are major contributors to the Kingdom’s GDP.
In February 2025, the Saudi Central Bank (SAMA) introduced the new Saudi Riyal symbol. The move raised the currency’s profile and strengthened the Kingdom’s place in the global economy.
Nearly a decade passed since the launch of Vision 2030, Saudi Arabia stands at a new crossroads. It’s time to take stock of the progress and focus on the opportunities that are now coming into view.
The Digital Kingdom!
The term "tech-savvy population" gets thrown around a lot. But in Saudi Arabia, it actually means something. The digital economy alone is now worth 495 billion, and still climbing. Internet penetration at 99%.
Let that sink in.
Saudi jumped 25 spots to rank fourth in the world on the UN’s E-Government Index. Now it leads the region and ranks second among all G20 nations!
This isn’t about faster internet or flashier apps. In Saudi, the digital future is already happening. It is everyday life.
The Market No One Can Afford to Ignore
Clear national strategies are fueling Saudi Arabia’s digital growth. Programs like Fintech Saudi, the Regulatory Sandbox, and the Open Banking Framework are turning ambition into action. The digital economy hasn’t just grown—it’s thriving. And with it, the scale of opportunity.
Take this, for example.
In fintech, the number of companies jumped from 20 in 2019 to 261 in 2024.
The eCommerce sector tells a similar story. It was valued at $24.67 billion in 2024 and is projected to hit $68.94 billion by 2033, growing at a 12.1% CAGR.
In 2024:
- E- Payments accounted for 79% of total retail payments in 2024.
- 63.7% of internet users in Saudi Arabia bought goods or services online
- 40,953 eCommerce businesses were registered, with a 10% year-on-year increase
Cashless transactions are accelerating. Logistics are improving. SMEs are getting stronger. All of it part of a national push to grow eCommerce’s contribution to GDP by 2030.
Why Invest in Saudi Arabia?
- Robust Investment Channels
Foreign direct investment reached $20.69 billion by Q4 2024. Regulatory reforms and new sector openings helped businesses enter and grow. - Macroeconomic Stability
Saudi Arabia holds one of the strongest fiscal positions in the world. Inflation is low at 1.7%, and GDP growth is steady, driven mainly by non-oil sectors. - Expanding Non-Oil Industries
Technology, logistics, real estate, eCommerce, tourism, and mining are growing fast. Long-term government support is opening new opportunities across the economy. - Skilled and Growing Workforce
Unemployment among Saudis fell to 7%, achieving Vision 2030 targets ahead of schedule. A young, ambitious workforce is ready to power new businesses. - Global Competitiveness
Strong international credit ratings from Moody’s (AA3), Fitch (A+), and S&P (A/A-1) reflect rising global confidence in Saudi Arabia’s economic future. - Record Private Sector Confidence
Purchasing Managers’ Index (PMI) reaching 58.1 points. Private sector contribution to GDP grew to 47% in 2024, exceeding targets with a 1.94% CAGR since 2016.
The Future of Payments Starts in Saudi Arabia
Building a cashless, technology-driven economy starts with a strong digital payments infrastructure. In Saudi Arabia, this foundation is already in place. Payment schemes like mada have made digital transactions widely accessible, eCommerce sales through mada cards alone surged from SAR 10.3 billion in 2019 to SAR 197.4 billion in 2024.
Tap Payments powers many of these experiences behind the scenes, supporting leading eCommerce platforms, like Salla, along with thousands of online businesses across retail, food delivery, and digital services.
By doing so, we proudly support Saudi Arabia’s vision of building a stronger digital economy.
As Vision 2030 moves forward, we remain committed to growing alongside our partners shaping this next chapter.
Vision 2030 is not a distant goal anymore. It is reshaping Saudi Arabia’s economy, its businesses, and its digital future. The foundations are in place, and the next phase belongs to those ready to build on them.
You can check the full 2025 Saudi Vision 2030 report here
Ready to discover how Tap Payments can help you accept payments in Saudi Arabia and across MENA? Let’s connect. Email us at hello@tap.company or visit our website to get started.
