Saudi Arabia sees 78 per cent growth in its business registrations
E-commerce, logistics, transportation are some of the sectors with growth
Dubai: The Saudi ministry of commerce issued over 120,000 commercial registrations, In the second quarter of 2024, marking a significant 78 per cent increase compared to the same period last year.
According to ministry data, a total of 121,521 business identification cards were issued by the end of June, up from 68,222 in the previous year. This growth extended across several sectors: E-commerce registrations rose by 17.47 per cent making it 40,697 registrations, container handling services grew by 48 per cent making it 2,457 registrations, and logistics services saw a 76 per cent increase totaling 11,928 registrations.
Other sectors including urban and suburban passenger transportation, arts, entertainment, recreation, short-term accommodation, and cloud computing services also experienced notable increases in registrations. Notably, registrations for artificial intelligence businesses increased by 53 per cent, reaching 8,948.
Industries such as electronic games, mining, quarrying, and pharmaceuticals also recorded rises in commercial registrations. This surge coincides with Saudi Arabia's ranking among the top 20 countries in global market competitiveness, holding the 16th position out of 67 countries according to the World Competitiveness Ranking by the International Institute for Management Development.
During the second quarter, Riyadh led in commercial registrations with 52,192, followed by the Eastern Provinces with 20,148 and Makkah with 18,904. Additionally, 45 per cent of registrations were issued to female entrepreneurs, reflecting efforts to enhance gender diversity in business.