• Friday, July 19, 2019

Saudi Arabia Passes E-Commerce Law

Discussion in 'Middle East & Africa' started by The SC, Jul 12, 2019.

  1. The SC

    The SC ELITE MEMBER

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    Wednesday, 10 July, 2019 - 12:30
    [​IMG]
    Minister of Commerce and Investment Dr. Majid al-Qasabi

    Riyadh - Mosaed al-Zayani

    Saudi Arabia’s cabinet passed the e-commerce law on Tuesday to regulate the relationship between the parties in the sector in line with the growth of e-commerce in the country.

    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 system is a new historical stage in the national economy,” said Minister of Commerce and Investment Dr. Majid al-Qasabi.

    He said it bolsters the economy’s position and ability to keep pace with all the world’s changes and modern trading patterns.

    It also aims at enhancing the reliability of business transactions, stimulating and developing e-commerce activities, providing consumer protection against fraud, deception or misinformation and preserving all rights.

    In his remarks on Tuesday, Qasabi stressed the importance of e-commerce and its role in boosting the national economy in light of the great growth witnessed in Saudi Arabia.

    The Kingdom is considered one of the 10 fastest-growing states in e-commerce around the world, with a growth rate exceeding 32 percent per year.

    He pointed out that e-commerce is also one of the pillars of the Kingdom’s Vision 2030 under the National Transformation Program and a major contributor to its economy.

    The volume of the e-commerce market in the Kingdom stands at SAR80 billion, Qasabi added.

    The e-commerce seller or provider of services is required to provide consumers with a clear and understandable statement on the contract’s terms and conditions through technical steps that the consumer must follow to purchase a commodity or service.

    The system also adds information on the service provider, description and prices of its services and goods, including any additional fees, payment and delivery arrangements and implementation.

    Furthermore, it calls for the submission of an invoice to the consumer showing the price of the product or service.

    It requires the service provider, practicing a profession subject to a specific regulation and requiring a license or authorization, to submit information about the professional entity or organization the provider has registered in, the applicable professional title, the country in which this title was granted and any other information the Ministry of Commerce and Investment considers important for consumer protection.


    https://aawsat.com/english/home/article/1806531/saudi-arabia-passes-e-commerce-law
     
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  2. Alternatiiv

    Alternatiiv SENIOR MEMBER

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    Oil is running out.
     
  3. The SC

    The SC ELITE MEMBER

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    Still good for a hundred years.. but this is to diversify the economy and not count on Oil alone..
     
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  4. BATMAN

    BATMAN ELITE MEMBER

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    How is it related to oil?
     
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  5. Oscar

    Oscar ADVISORS

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    He should have phrased it better- the demand for Oil is going to get more and more fickle.

    But the moves by MBS came at the right time before it was too late. The Riyadh of 2003 when I lived there looks like a lost society compared to the vibrancy of today. Young people are now out and about, career focused and much friendlier and welcoming than before.
     
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  6. Alternatiiv

    Alternatiiv SENIOR MEMBER

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    Oil income is decreasing. It is coming to a point where it would not be wise to have an economy run mainly on oil.

    Which is why Saudi Arabia is changing its tactics and laws to promote other incomes. I think MBS wants to take the Dubai direction (i.e urban tourism) eventually but not sure how that will work out with current image and some controversial laws.
     
  7. BATMAN

    BATMAN ELITE MEMBER

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    That may be a general future plan, but regulating or defining legal frame work on e-commerce is requirement of every nation doing business online or have www available to it's public. Nothing to do exclusively with decreasing oil income or oil running out.

    Until 2003 use of www was not wide spread in KSA, so was e-commerce, but i believe today www is wide spread and people living in KSA are doing much more online and digital, so there must be laws and regulations to have clarification on legal issues arising out of it.

    People in Pakistan are mislead to believe that KSA is a banana republic being run by uneducated people, that's why they need Pakistani labor, but the reality is quite opposite.
    What Pakistan need to worry..... is about their own future in expat market of KSA. Due to increasing population of Saudi nationals. lesser Jobs in service sectors are going to be handed out to foreigners.

    Coming back to the general notion of Saudi oil running out and your argument of taking Dubai direction is also not very accurate.
    As compare to Dubai there's much more tourism opportunities in KSA, but it will never be open to foreigners like Dubai due to security reasons.
    Neither KSA is running out of natural resources for any foreseeable future and actually state is managing that well.
    I didn't mean to disturb the audience here but Saudi Arabia has undisclosed number of natural gold deposits, waiting to be exploited... Saudi Arabia has just started to exploit them.... but again not due to shortage of capital but to gain knowledge in development of processing plant and it's operations.

    If Pakistan continue to spew hate against Saudis on social media or may be it's ministers continue to stand along Iran on regional issues,... than it's only going to hurt interests of Pakistan. In a very simple example, we may not get more jobs! Which is much needed considering number of our youth coming out of uni.
     
    Last edited: Jul 13, 2019 at 11:52 PM
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