The trade industry in Saudi Arabia has experienced a significant increase in the number of commercial registrations, surpassing 1.45 million in all regions of the country.
Official data from the Ministry of Commerce indicates that the industry witnessed a growth of 59 percent in the first quarter of 2024, with 104,000 commercial registrations and 65,363 permits issued during the same period in 2023, as reported in the quarterly business sector bulletin.
📊 | 1.45 مليون سجل تجاري بالمملكة بنهاية الربع الأول من عام 2024.
للمزيد، اطّلع على نشرة قطاع الأعمال عن الربع الأول من عام 2024م:https://t.co/zrz4pnyzkP pic.twitter.com/GabsGfUY1a
— وزارة التجارة (@MCgovSA) April 3, 2024
Read more: 12 percent surge in Saudi business registrations, reaching 1.12 million
These registrations serve as legal confirmation of a business’s official status in the Kingdom. The regions of Riyadh, Makkah, and the Eastern Province led in the number of permits issued, accounting for 39,821, 19,811, and 15,236 entries, respectively, making up 71 percent of the total registrations in the Kingdom.
The increase in licenses reflects significant progress in Saudi Arabia’s thriving trade sectors, contributing to the expansion and development of the business landscape and fostering diverse and distinctive partnerships on an annual basis. It also demonstrates the Kingdom’s commitment to implementing Vision 2030 and promoting economic diversification, signaling an encouraging environment for foreign investment.
According to the bulletin, legal certificates issued to women accounted for 44 percent of the total, while young Saudis represented 38 percent of the total commercial registrations for establishments in the Kingdom. By the end of the first quarter, women’s share of total registrations for establishments reached 43 percent.
Technological sectors thrive
The quarterly report focused on the advancements in the sectors outlined in Saudi Vision 2030, highlighting the growth of permits in technological sectors such as application development, electronic game development, and delivery services through electronic platforms. The bulletin also emphasized progress in activities related to the entertainment, tourism, and business incubators and accelerators sectors, providing opportunities for local and foreign businesses to develop and expand partnerships.
E-commerce registrations surge
Furthermore, the bulletin highlighted the significant contribution of e-commerce registrations, which reached 38,850 and represented a 17.4 percent growth by the end of the first quarter of 2024 compared to 33,074 entries in the corresponding period in 2023. The ministry stated that enhancing the e-commerce system is one of the supportive goals of the National Transformation Program in achieving Vision 2030, given the importance of e-commerce in boosting the national economy. The ministry also noted that Saudi Arabia is among the top 10 countries experiencing e-commerce growth.
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