RIYADH: The Saudi Ministry of Commerce registered over 120,000 new commercial registrations in the second quarter of 2024, which is 78% more than in the same period of the previous year. According to the ministry’s data, the number of issued business IDs reached 121,521 against 68,222 a year before. The data also revealed key sectors showed considerable growth. E-commerce registrations rose 17.47% to 40,697. Specifically, the number of container handling services’ registrations was 2,457, an increase of 48 percent, while that of logistics services was 11,928, a 76 percent growth. Other sectors such as urban transportation, arts and entertainment, recreation, and cloud and computer services also recorded increases.
Artificial Intelligence registration increased by a massive 53% to 8,948. The electronic games industry, mining, quarrying, and pharmaceutical manufacturing also saw increases.
This surge comes as Saudi Arabia ranks 16th out of 67 in global market competitiveness and 4th among the G20 in business legislation and infrastructure.
Riyadh topped with 52,192 registrations, followed by the Eastern Provinces with 20,148 and Makkah with 18,904. Notably, 45% of the registrations were issued to females. The Kingdom has provided more than 1.5 million commercial instruments.
The non-oil private sector also recorded handsome growth in June due to rising demand and higher output. Despite a decline in new orders, non-oil businesses showed a strong increase in output, helping the Kingdom lead with the strongest expansion figures.
The Saudi Ministry of Commerce aims to attain a premier role within a competitive and sound environment, contributing to the country’s sustainable economic growth through effective policies and mechanisms.
