Annual Growth in Business Registrations is 78% as the Saudi Private Sector Thrives

Annual Growth in Business Registrations is 78% as the Saudi Private Sector Thrives

In the second quarter of 2024, the Saudi Ministry of Commerce issued over 120,000 commercial registrations, a 78 percent year-over-year growth.

The ministry’s statistics shows that for the three months ending at the end of June, 121,521 official identification cards for firms were issued, an increase from 68,222 during the same time the previous year.

The report also showed an increase in registrations in a number of important industries. The number of e-commerce records issued increased annually by 17.47 percent to 40,697 registrations.

Logistics services had a 76 percent increase in registrations to 11,928 while container handling services witnessed a 48 percent surge to 2,457 registrations.

Registrations increased for cloud computing services, short-term lodging, arts, entertainment, and recreation, and passenger transportation in cities and suburbs.

Notably, commercial registrations for artificial intelligence increased by 53% to 8,948.

The manufacturing of pharmaceuticals and medical products, mining and quarrying, and the electronic games industry all saw increases in commercial registrations.

According to the International Institute for Management Development’s World Competitiveness Ranking, which places the Kingdom at 16th place out of 67 nations, it is among the top 20 nations with the most competitive global marketplaces at the moment of this surge.

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