The Ministry of Investment in the kingdom of Saudi Arabia have announced the signing of a Memorandum of Understanding between them an Amazon with the goal of creating a dynamic business environment that affords growth opportunities for small and medium enterprises across the Kingdom.
MISA and Amazon will form a joint committee that will meet twice per month to explore reforms across a range of areas including development of skills, technology and infrastructure, supporting knowledge and trust in online shopping and e-payments, and working with relevant public sector entities to produce and deliver support and incentive programs to further accelerate the growth and adoption of investments in digital services and ecommerce.
One of our objectives at MISA is to create long-lasting partnerships with leading international organizations that will provide the local market with economic value and global expertise. In line with the Kingdom’s Vision 2030, our partnership with Amazon will open growth opportunities for SMEs and address the main challenges facing the sector, creating job opportunities across the Kingdom by harnessing new technologies. Furthermore, we will learn from Amazon’s global practices and leverage its talents and expertise to bring world-class innovation and sustainable investment practices to the Kingdom.
– Khalid Al-Falih, The Minister of Investment Eng
Amazon first launched in Saudi Arabia in place of Souq.com in 2020. Since its launch, ecommerce in the country has grown surprisingly fast with the fashion industry being a key area of growth. The amount of consumers with online access and handheld devices is high and this new partnership will help them adapt and further accelerate their ecommerce growth.
At Amazon, we always look to innovate on behalf of our customers. Underpinned by our customer-centric culture, we are focused on ensuring our third-party sellers have the tools, technology, and skills to reach more customers in more convenient ways. This partnership underscores our commitment to the Kingdom and our customers in it, and will contribute to accelerating the growth of the e-commerce sector, as well as enabling businesses to take advantage of the great growth opportunities that the Kingdom offers.
– Ronaldo Mouchawar, Vice President for Amazon MENA
