The Saudi Ministry of Commerce has released a report detailing the progress and expansion of the business sector in the final quarter of 2023. This report provides a comprehensive overview of the latest trends and growth within the industry, highlighting a notable increase in entrepreneurial activity across the kingdom.
According to the ministry’s findings, the issuance of commercial records saw a significant uptick, with over 95,000 new records being established during the last quarter of the year. This marks a 23% increase compared to the same period in the previous year. By the close of 2023, the cumulative total of commercial records reached upwards of 1.397 million.
The youth demographic, including both men and women, played a considerable role in this growth, representing 38.6% of the new records. Notably, women entrepreneurs were behind 38% of the overall existing commercial records for institutions, indicating a move towards greater gender parity in the Saudi business realm.
The report also highlighted the robust development of e-commerce, noting a 34% growth in electronic commercial records by the quarter’s end.
Focusing on the vibrant sectors within the economy, the bulletin identified several areas of promise, including technology, entertainment, transportation, and tourism. The growth in specific activities such as cloud computing services, software publishing, resort development, land goods transportation, marine clubs, and the manufacture of medical tools and equipment was particularly spotlighted.
These insights from the Ministry of Commerce’s quarterly bulletin mirror the dynamic advancements within the Saudi business sector, signaling a healthy economic environment ripe for investment and innovation.