2001 News Story

E-commerce conference opens in Riyadh

Governor of Riyadh Province Prince Salman bin Abdulaziz yesterday opened the international conference on electronic trade organized by the King Abdulaziz City for Science and Technology (KACST) and the Ministry of Commerce. In his speech, Minister of Industry and Electricity and Acting Minister of Commerce Dr. Hashim Yamani referred to the formation of the standing committee for e-commerce to follow up developments in this area and undertake the necessary steps to deal with them in a way that serves the national economy. He said the share of e-commerce in the commercial sector is expected, globally, to exceed U.S. $ 7 trillion by 2004, and by 2005 the volume of consumer purchases through the Internet will amount worldwide to $831 billion. In the Middle East, he said, revenues from e-commerce are expected to amount to over $ 7 billion by 2003.