According to official data, the trade industry in Saudi Arabia saw 104,000 commercial registrations in the first quarter of 2024, representing a 59% year-on-year growth.
This is in line with the quarterly business sector bulletin, which states that 65,363 permits were issued by the Ministry of Commerce during the same period in 2023.
The increase in registrations brings the total to more than 1.45 million throughout the Kingdom. This certificate acts as official legal documentation of a company’s status within the Kingdom.
Leading the Kingdom in the number of permits issued were Riyadh, Makkah, and the Eastern Province, with 39,821, 19,811, and 15,236 entries, respectively, accounting for 71% of all permits.
The increase in licenses is indicative of significant advancements in Saudi Arabia’s promising trade sectors, which yearly create unique and varied partnerships and greatly contribute to the growth and development of the business sphere.
Additionally, it signals a welcoming climate for foreign investment by reiterating the Kingdom’s commitment to implementing Vision 2030 and economic diversification.
According to the bulletin, women received 44% of the legal certificates that were issued.
The percentage of young Saudis who registered as commercial establishments in the Kingdom was 38%.
By the end of the first quarter, however, the percentage of women who registered as establishments had risen to 43%.
The developments in the promising sectors mentioned in “Saudi Vision 2030” were covered in the quarterly report.
It brought attention to the rise in permits in technology-related fields, which include the creation of electronic games, applications, and platforms for the delivery of services.
The bulletin also reported on developments in the fields of entertainment, travel, and business accelerators and incubators. This offers chances for international and local companies to form and grow alliances.
The bulletin also noted that 38,850 e-commerce registrations had been made, which is a substantial contribution to the country’s economy. From 33,074 entries in the same period in 2023 to the end of the first quarter of 2024, this sector grew by 17.4%.