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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia's trade industry witnessed 104,000 commercial registrations in the first quarter of 2024, marking a 59 percent year-on-year growth, according to official data.
This comes as the Ministry of Commerce issued 65,363 permits during the same period in 2023, according to the quarterly business sector bulletin.
The spike in numbers brings the total number of registrations to over 1.45 million across all regions of the Kingdom.
This certificate serves as a legal confirmation of a business’ official status in the Kingdom.
Riyadh, Makkah, and the Eastern Province led in the number of permits issued, with 39,821, 19,811, and 15,236 entries respectively, comprising 71 percent of the Kingdom’s total.
The surge in licenses reflects substantial progress in Saudi Arabia’s promising trade sectors, contributing significantly to the expansion and development of the business sphere while fostering distinctive and diverse partnerships annually.
It also underscores the Kingdom’s commitment to the implementation of Vision 2030 and economic diversification, signaling an encouraging environment for foreign investment.
The bulletin showed that legal certificates issued to women accounted for 44 percent of the total.
Young Saudis accounted for 38 percent of the total commercial registrations for establishments in the Kingdom, while the share of women reached 43 percent of the total registrations for establishments by the end of the first quarter.
The quarterly report addressed the developments in the promising sectors outlined in Saudi Vision 2030. It highlighted the growth of permits in technological sectors represented by activities such as application development, electronic game development, and delivery services through electronic platforms.
The bulletin also highlighted the progress in activities related to the entertainment, tourism, and business incubators and accelerators sectors. This provides opportunities for local and foreign businesses to develop and expand partnerships.
Additionally, the bulletin highlighted e-commerce registrations reaching 38,850, representing a significant contribution to the national economy. This sector grew by 17.4 percent by the end of the first quarter of 2024 from 33,074 entries in the corresponding period in 2023.
“Enhancing the e-commerce system is one of the supportive goals of the National Transformation Program to achieve the Kingdom’s Vision 2030, given the importance of e-commerce and its role in boosting the national economy, especially since the Kingdom is one of the top 10 countries experiencing growth in e-commerce,” the ministry said.
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