Booming records of commercial registration in Q4 2023 Image Credit: Shutterstock

Dubai: The number of newly registered mining companies in Medina rose during the fourth quarter of 2023, contributing the most to growth seen across 17 economic activities in 20 sectors in the city.

According to the chamber of commerce, new mining companies helped achieve a 12 per cent annual increase in commercial registrations in Medina.

This surge not only signals the city’s rising appeal as an investment-friendly destination, it is reflective of the Kingdom’s continued implementation of Vision 2030 economic diversification plan.

Sectors responsible for growth
Mining sector: The mining sector achieved the best results during this period, with a growth rate of 33.5 per cent compared to the same period last year.
Tourism: The tourism sector was the second highest contributor to the growth, with a 25.3 percent annual rise in the last three months of 2023.
Contracting: This sector recorded a 20 per cent annual growth.
Vehicle maintenance: This sector showed a 16 per cent annual growth.
Transportation and warehousing: This sector showed a 15 per cent annual growth.

Employed workers

The chamber’s report also showed that Medina ranked sixth for private sector workers in the Kingdom, reaching 430,634 employees in the third quarter of 2023.

The data showed that approximately 84 per cent of the total workers in Medina are subject to the rules and regulations of social insurance in the private sector.

The number of Saudi nationals employed in the private sector reached 88,297 during the third quarter of 2023, with 25 per cent subject to social insurance laws.