Saudi Arabia’s Trade Industry Booms with Over 100,000 Commercial Registrations in Q1 2024
In a staggering display of growth, Saudi Arabia’s trade industry saw a surge of 104,000 commercial registrations in the first quarter of 2024, marking a remarkable 59 percent increase compared to the previous year, according to official data.
Ministry of Commerce Issues Over 65,000 Permits in Q1 2023
During the same period in 2023, the Ministry of Commerce issued 65,363 permits, as reported in the quarterly business sector bulletin, underscoring the continuous growth and development of the business landscape in the Kingdom.
Riyadh, Makkah, and Eastern Province Lead in Number of Permits Issued
Leading the pack in commercial registrations were Riyadh, Makkah, and the Eastern Province, with 39,821, 19,811, and 15,236 permits respectively, making up 71 percent of the total registrations in the Kingdom.
Focus on Women and Young Saudis in Commercial Registrations
The bulletin also revealed that women accounted for 44 percent of the total legal certificates issued, while young Saudis represented 38 percent of the total commercial registrations for establishments, showcasing a diverse and inclusive business environment.
Growth in Technological Sectors and E-Commerce
The quarterly report highlighted the growth in technological sectors such as application development and electronic game development, as well as the significant increase in e-commerce registrations, which reached 38,850 by the end of the first quarter of 2024.
Supporting Vision 2030 and Economic Diversification
The surge in commercial registrations reflects Saudi Arabia’s commitment to Vision 2030 and economic diversification, signaling a positive environment for foreign investment and fostering partnerships across various sectors, ultimately contributing to the expansion and development of the business sphere.