Saudi E-Commerce Sales Hit Record SAR 44 Billion in Q1 2024

E-commerce sales through Saudi Arabia’s Mada debit card network exceeded SAR 44 billion in the first quarter of 2024, marking a record high and a 22% annual increase. According to the May statistical bulletin released by the Saudi Central Bank (SAMA), total sales reached SAR 44.42 billion, up from SAR 36.53 billion in the same period of 2023. The number of executed transactions during Q1 2024 amounted to 263,242,173, the highest level ever recorded, underscoring the rapid digital transformation of the Kingdom’s retail sector.

Context and Background

The record-breaking e-commerce figures reflect Saudi Arabia’s accelerating shift toward a digital economy, a key pillar of Vision 2030. The Saudi Central Bank (SAMA) has played a central role in enabling secure, efficient electronic payment systems through the Mada network, which is widely used for online purchases. The quarterly growth rate of 10%—an increase of approximately SAR 3.89 billion compared to Q4 2023—highlights sustained consumer confidence in digital transactions.

Key Details and Growth Trends

On a monthly basis, Mada e-commerce sales reached SAR 16.22 billion in May 2024, a 9.2% rise from SAR 14.85 billion in April 2024, with 91,868,518 transactions executed. Since the beginning of the year, sales have grown 12.4%, increasing by about SAR 1.79 billion from SAR 14.43 billion in January. These figures encompass transactions made through online shopping sites, mobile applications, and electronic wallets, though they do not include credit card transactions.

Implications and Economic Impact

The sustained growth in e-commerce sales signals a robust digital infrastructure and increasing consumer preference for online shopping in the Kingdom. This trend supports broader economic diversification goals by reducing reliance on cash transactions and fostering a more transparent, data-driven retail environment. The rise in Mada card usage also aligns with Saudi Arabia’s push to increase non-cash transactions to 70% of all payments by 2030, as part of the Financial Sector Development Program under Vision 2030.

Vision 2030 Alignment

The record SAR 44.42 billion in e-commerce sales during Q1 2024 exemplifies the Kingdom’s successful digital transformation journey under Vision 2030. By enabling secure, efficient electronic payments and encouraging online commerce, Saudi Arabia is not only modernizing its retail sector but also creating new opportunities for entrepreneurs and businesses. This milestone demonstrates the effectiveness of SAMA’s policies in building a cashless society and positions the Kingdom as a regional leader in digital innovation and economic resilience.

20 Questions

Q1. What is the total e-commerce sales amount through Mada cards in Q1 2024?

A1. E-commerce sales through Mada cards reached SAR 44.42 billion in the first quarter of 2024, according to the Saudi Central Bank (SAMA).

Q2. How much did e-commerce sales increase compared to Q1 2023?

A2. Sales increased by approximately SAR 7.89 billion, an annual growth rate of 22%, from SAR 36.53 billion in Q1 2023.

Q3. How many transactions were executed in Q1 2024?

A3. The number of executed transactions amounted to 263,242,173, the highest level ever recorded for Mada e-commerce payments.

Q4. What was the quarterly growth rate from Q4 2023 to Q1 2024?

A4. The quarterly growth rate was 10%, with an increase of about SAR 3.89 billion from SAR 40.53 billion in Q4 2023.

Q5. What were the monthly sales in May 2024?

A5. Monthly sales reached SAR 16.22 billion in May 2024, a 9.2% increase from SAR 14.85 billion in April 2024.

Q6. How many transactions occurred in May 2024?

A6. In May 2024, the number of executed transactions amounted to 91,868,518.

Q7. What was the sales growth from January 2024 to May 2024?

A7. Sales grew by 12.4% since the start of 2024, increasing by about SAR 1.79 billion from SAR 14.43 billion in January.

Q8. What types of transactions are included in these sales?

A8. The sales include transactions made with Mada cards for payments through online shopping sites, electronic applications, and electronic wallets.

Q9. Are credit card transactions included in these figures?

A9. No, the Mada e-commerce sales figures do not include transactions made with credit cards.

Q10. Who published the data on e-commerce sales?

A10. The data was published by the Saudi Central Bank (SAMA) in its statistical bulletin for May 2024.

Q11. What is Mada?

A11. Mada is the national payment card network in Saudi Arabia, operated by the Saudi Central Bank, facilitating secure electronic transactions.

Q12. How does this growth support Vision 2030?

A12. The growth supports Vision 2030’s goal of increasing non-cash transactions to 70% of all payments by 2030, promoting a digital economy.

Q13. What is the significance of the record transaction volume?

A13. The record 263 million transactions in Q1 2024 indicates strong consumer adoption of digital payments and confidence in e-commerce.

Q14. Which sectors benefit from e-commerce growth?

A14. E-commerce growth benefits retail, logistics, financial technology (fintech), and small and medium-sized enterprises (SMEs) in Saudi Arabia.

Q15. Does the data reflect seasonal trends?

A15. The data shows consistent monthly growth from January to May 2024, suggesting steady demand rather than seasonal spikes.

Q16. How does SAMA support e-commerce?

A16. SAMA supports e-commerce by regulating payment systems, promoting Mada, and ensuring secure infrastructure for digital transactions.

Q17. What is the role of the Financial Sector Development Program?

A17. The program, part of Vision 2030, aims to enhance financial services and increase non-cash payments, which e-commerce growth directly supports.

Q18. How does e-commerce growth affect consumers?

A18. Consumers benefit from greater convenience, wider product access, secure payment options, and competitive pricing through online platforms.

Q19. Is this growth expected to continue?

A19. Based on Vision 2030 initiatives and rising digital adoption, the growth trajectory is likely to continue as infrastructure and services expand.

Q20. Where can official data be accessed?

A20. Official data is published by the Saudi Central Bank (SAMA) in its monthly statistical bulletins, available on SAMA’s website.

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