E-Commerce market in Saudi Arabia poised to reach US$25 bn by 2029 while WebCastle receives Best E-Commerce Award in 2024

 E-Commerce market in Saudi Arabia poised to reach US$25 bn by 2029 while WebCastle receives Best E-Commerce Award in 2024

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, UAE and Riyadh, Saudi Arabia; May 10, 2024

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 award is a resounding recognition for WebCastle Technologies, which has delivered more than 1,000 projects including website development, mobile application and e-commerce projects to more than 800 satisfied clients in the GCC region, spanning over 15 years, by a team of more than 150 professionals working in the GCC and India.

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 Statista.com, a global market intelligence provider.

“The Best E-Commerce Agency Award – KSA 2024 is a testament to our expertise, dedication, professionalism, hard work as well as our contribution to the retail services sector and we are proud of our team that has made us successful and more importantly, made our customers happy,” Jabir ML, Co-Founder and Chief Executive Officer of WebCastle Technologies, said.

“We are one of the pioneers in the field of E-commerce. We help develop dynamic and engaging web-portals, mobile applications and E-commerce platforms – that help the businesses to grow manifolds. In this regard, we are growth enablers for our clients and business partners.”

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.

“Saudi Arabia boasts one of the highest smartphone penetration rates (97 percent) in the world, its mobile broadband internet subscriptions are higher than the majority of advanced markets, it ranks tenth in the world for the fastest internet speed, and a relatively high share (72 percent) of its population that is over the age of 15 possesses a bank account,” said a recent report by the International Trade Administration, part of the US Department of Commerce.

“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.”

A Google Partner having a team filled with Microsoft Certified System Engineers, Webcastle Technologies is the company that built some of the most user-friendly and efficient web portals, e-commerce platforms and mobile applications that is driving the growth of these clients.

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. Although it is a daunting task, but we have already started our shared journey with Saudi businesses.”

6th Middle East Retail & E-Commerce Summit and Awards KSA is niche event series hosted across several countries every year at multiple venues that has already concluded multiple events in the UAE, Saudi Arabia, Malaysia, Indonesia and Singapore, etc. The objective of the event is to bring together leading retailers and e-commerce giants in the region and engaging them in panel discussions, speeches, round table conferences, exhibitions, summits and award ceremonies.

The success of the events was a result of the structured agenda and participation from global multi-national companies like Deloitte, MasterCard, Aramex, Noon, Tim Hortons, Flyadeal, Chalhoub Group etc. WebCastle Technologies LLC had a proud moment during the latest edition of the event conducted in KSA at the Riyadh Marriott Hotel on May 1st named 6th Edition Middle East Retail & E-Commerce Summit and Awards KSA.