Commerce Minister Majid Al-Kassabi Reports 27.9% Growth In Hail Business Sector And Investment Opportunities

Minister of Commerce Majid Al-Kassabi recently engaged with business leaders and investors in the Hail Region. The meeting aimed to address proposals and challenges for sector development. This discussion occurred during his visit, with key figures from the commerce sector present.

Al-Kassabi highlighted Hail's unique qualities, including its rich heritage and geographic diversity. He encouraged local businesses and residents to leverage these advantages. The region's promising sectors include transportation, logistics, mining, tourism, agriculture, nature, and heritage.

The minister noted a 27.9% increase in commercial registrations in Hail over five years. Registrations now exceed 33,000. He reviewed sectors showing growth between 59% and 148%, such as transportation, services, administrative activities, and residential construction.

Al-Kassabi also pointed out the Kingdom's overall commercial registration growth. By October's end, registrations surpassed 1.54 million. Additionally, the trade of goods and services in the Kingdom exceeded SAR2.5 trillion in 2023.

E-commerce has become a significant part of Saudi Arabia's trade landscape. In 2022, it accounted for 8% of total trade. Projections indicate that e-commerce revenues could reach SAR260 billion by 2025.

The commerce system has undergone significant regulatory reviews over eight years. More than 110 regulations have been updated or developed. These include new laws on companies, e-commerce, commercial franchises, and consumer protection systems nearing completion.

Consumer Protection Initiatives

Market regulations have been enhanced to protect consumers by monitoring prices and combating fraud and concealment. A consumer complaint center and recall center have been launched alongside the "Imtithal" inspection system for inventory and price monitoring.

In Hail Region alone, inspection teams conducted over 34,500 visits this year. They addressed more than 19,700 commercial complaints during this period.

Strengthening Partnerships

Hani bin Abdulaziz Al-Khulaifi, chairman of the Chamber of Commerce and Industry in Hail Region, emphasized strengthening partnerships with investors. He stressed providing support to achieve sustainable growth aligns with the chamber's goals.

The focus remains on fostering collaboration between businesses and investors to harness Hail's potential fully. This approach aims to ensure long-term economic prosperity for the region while aligning with national objectives.

With inputs from SPA