Saudi Arabia’s Visual Arts Sector Booms with 103.5% Growth in Commercial Registrations
In a stunning display of economic progress, Saudi Arabia’s visual arts sector saw a remarkable 103.5% increase in commercial registrations in the final quarter of 2023, reaching a total of 822 businesses.
The Ministry of Commerce issues certificates confirming the official status of businesses in the Kingdom, highlighting the sector’s rapid expansion and contribution to the country’s business landscape.
This surge in licenses signifies the growth of promising sectors within Saudi Arabia’s trade system, playing a vital role in the development of diverse partnerships and the overall business sphere, aligning with the goals of Vision 2030 and economic diversification.
The quarterly business sector bulletin for the fourth quarter of 2023 revealed that boutique hotels activity saw a 74.4% increase in commercial approvals, totaling 1,911 licenses.
Makkah region led the way with 863 licenses in the boutique hotels sector, showcasing the region’s strong performance in this area.
Additionally, the resorts sector experienced a 51% surge in commercial registrations, reaching a total of 3,377 licenses, with Makkah region accounting for 40.4% of the approvals.
The marine clubs sector also saw growth, with 580 licenses issued in the last quarter of 2023, marking a 49.1% increase year on year.
Cloud computing services and software publishing activities also flourished, with 1,759 and 4,009 commercial registrations, respectively, indicating a positive trend in technological industries.
The manufacturing of medical instruments and equipment witnessed a 28.3% increase in permits, reaching 1,322 in the final quarter of the year.
Furthermore, the land transport of goods sector led in the number of commercial approvals, with 5,841 new records in the fourth quarter of 2023, representing a 21.2% rise from the previous year.