Commercial Registrations Increase By 62% In Q3 2024 Compared To Last Year, Says Ministry Of Commerce

The Ministry of Commerce has published its quarterly bulletin for the business sector, detailing performance and developments in Saudi Arabia during the third quarter of 2024. The report reveals a significant 62% rise in commercial registrations compared to the same period last year. Between July and September, 135,000 new registrations were issued, increasing the total number of commercial registrations in the Kingdom to over 1.5 million.

Five new regulations have been introduced to enhance trust within the commercial sector. These include the Commercial Registration Law, Trade Names Law, Product Safety Law, Standards and Quality Law, and Measurement and Calibration Law. These laws aim to create a more robust framework for businesses operating within the Kingdom.

The bulletin highlights growth in several promising sectors that align with Saudi Vision 2030. Notable increases in commercial registrations were observed in fintech, artificial intelligence, electronic gaming, financial activities, insurance, sports and entertainment education, sports clubs, tourist trips, relaxation centers, market research, and opinion polling. These sectors are seen as pivotal to the Kingdom's economic diversification efforts.

E-commerce continues to play a crucial role in Saudi Arabia's economy. The report notes a 9.4% increase in e-commerce registrations compared to the same quarter last year. This brings the total number of e-commerce registrations to 39,769. This growth underscores the importance of digital commerce as a key contributor to national economic development.

The Ministry's quarterly bulletin provides valuable insights into the business landscape of Saudi Arabia. By focusing on emerging sectors and implementing supportive regulations, it aims to foster a thriving business environment that aligns with national goals. The full report is available for those interested in exploring further details about these developments.

With inputs from SPA