The Saudi Arabian business sphere is currently witnessing a robust expansion, with several industries emerging as key drivers of this growth. According to the latest quarterly bulletin from the Ministry of Commerce for the final quarter of 2023, there has been a noticeable uptick in commercial registrations across diverse sectors.
Leading the pack is the land transport of goods sector, which has seen a significant upswing. Commercial registrations soared to 33,447,000 by the end of the fourth quarter in 2023, marking an increase of 5,841,000 from the previous year, which translates to a substantial year-on-year growth of 21.2%.
The hospitality and technology sectors are not far behind in this upward trend. The resort industry alone jumped by 51%, culminating in 3,377,000 records, with Makkah accounting for a substantial 40.4% of this surge. In the realm of technology, software publishing grew by 28.8% compared to the preceding year, reaching 4,009,000 registrations.
Tourism and specialized services are also riding the wave of growth. Boutique hotels have seen a 74.4% increase in commercial records, reaching 1,911,000 by the end of Q4 2023, with Makkah contributing 45.2% to this rise. The cloud computing sector is mirroring this positive trajectory with a 40.5% year-over-year increase in registrations for cloud computing services.
Manufacturing and creative sectors are showcasing similar trends. The manufacturing of medical instruments and equipment witnessed a 28.3% rise in commercial records, while the visual arts activities topped the growth charts with a staggering 103.5% increase, signaling a booming creative industry.
Additionally, leisure activities related to the sea have garnered increasing interest, as evidenced by a 49.1% growth in registrations for marine clubs by the end of Q4 2023.
In summary, the commercial landscape in Saudi Arabia is characterized by substantial growth and diversification, led by promising sectors that are shaping a dynamic and expanding business environment.