Saudi Ministry of Investment seals pact with Amazon to support SMEs

By Amirtha P S, Desk Reporter
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MISA - Amazon
Officials from MISA & Amazon during the signing ceremony.

Saudi Arabia’s Ministry of Investment (MISA) has signed a Memorandum of Understanding (MoU) with American eCommerce giant, Amazon, with the goal of creating a dynamic business environment that provides growth opportunities for small and medium-sized enterprises (SMEs) across the Kingdom.

As part of the MoU, MISA and Amazon will form a joint committee consisting of members from each party that will meet twice per month to explore ways to bring changes across several 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 boost the growth and adoption of investments in digital services and eCommerce.

Khalid Al Falih
Khalid Al Falih
Minister of Investment
Saudi Arabia

“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.”

MISA’s MoU with Amazon Saudi Arabia also aims to explore investment opportunities, develop local capabilities, and contribute to the efforts of the various authorities in the country to create eCommerce infrastructure across the Kingdom.

Commenting on the deal, Mr. Ronaldo Mouchawar, Vice President for Amazon MENA said, “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 eCommerce sector, as well as enabling businesses to take advantage of the great growth opportunities that the Kingdom offers.”

Related: UAE eCommerce market value to surpass $8bn by 2025; Report