Saudi Arabia has experienced a remarkable surge in commercial registrations, reflecting the Kingdom’s thriving business environment.
In its quarterly business sector bulletin for Q4 2024, the Ministry of Commerce unveiled significant progress and development within Saudi Arabia’s dynamic economic landscape. According to the report, the issuance of new commercial registrations during the fourth quarter soared by an impressive 67% compared to the same period in the previous year.
Expansion of Commercial Registrations in Saudi Arabia
Over the last three months, the Ministry issued more than 160,000 new commercial registrations. This brings the total number of active commercial licenses across the Kingdom to over 1.6 million, underscoring the robust growth of the private sector.
The bulletin highlighted particularly strong growth in industries aligned with the Kingdom’s transformative Saudi Vision 2030 agenda. Key sectors driving this progress include:
- Cloud computing services
- Application development
- Financial technology (FinTech) solutions
- Tourism, entertainment, and talent development
The e-commerce sector also recorded substantial growth, witnessing a 10% rise in registrations compared to the same quarter last year. This brought the total number of active e-commerce registrations to 40,953.
The impressive increase in commercial registrations serves as a testament to Saudi Arabia’s commitment to fostering a business-friendly environment, diversifying its economy, and creating opportunities for innovation and entrepreneurship.
Source: https://www.arabianbusiness.com/industries/banking-finance/saudi-arabia-sees-67-spike-in-commercial-registrations
