The business sector in Saudi Arabia is currently witnessing a surge in several promising sectors, playing a significant role in the country’s overall growth and diversification efforts. This positive trend is highlighted in the Ministry of Commerce’s recently published quarterly business sector bulletin for Q4 2023, which reports an increase in commercial registrations across various sectors. One sector that stands out is land transport of goods, which has experienced a remarkable increase.
Read more: Saudi Arabia’s non-oil sector activity rises at the quickest rate in five months
By the end of Q4 2023, the number of commercial records reached 33,447,000, reflecting a 21.2 percent year-on-year growth, with an increase of 5,841,000 records compared to the same period in 2022. The hospitality and technology sectors are also showing strong growth. The “resorts” activity, in particular, witnessed a significant 51 percent annual increase, reaching 3,377,000 records by Q4 2023. Notably, Makkah accounted for a significant portion of this growth, capturing a leading share of 40.4 percent with 1,364,000 records.
Robust growth in software publishing sector
Similarly, the “software publishing” sector displayed a healthy growth rate of 28.8 percent compared to 2022, reaching 4,009,000 records. The tourism and specialized services sectors are also positive indicators, with “boutique hotels” experiencing a surge of 74.4 percent, reaching 1,911,000 commercial records by Q4 2023. Once again, Makkah played a prominent role, accounting for 45.2 percent (863,000 records) of this growth.
Demand for cloud computing services on the rise
The increasing demand for cloud computing services is evident in the 40.5 percent annual growth of registrations for “providing cloud computing services,” reaching 1,759,000 records by Q4 2023. Manufacturing and creative industries are also witnessing growth, with the “manufacturing medical instruments and equipment” sector experiencing a 28.3 percent increase, reaching 1,322,000 commercial records by Q4 2023. The “visual arts activities” sector showed the highest growth percentage at 103.5 percent, indicating a thriving creative sector.
Growing interest in marine recreation
Furthermore, there is a growing interest in marine recreation, as indicated by the 49.1 percent increase in commercial registrations for “marine clubs” in Saudi Arabia by Q4 2023. Overall, the data paints a positive picture of Saudi Arabia’s business sector, with promising sectors leading the way and contributing to a robust and expanding business landscape as diversification efforts continue to gain momentum.
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