Saudi Arabia’s Commercial Registrations Surge by 78% in Q2 2024
Dubai: The Saudi Ministry of Commerce has recorded a remarkable increase in commercial activity, issuing over 120,000 commercial registrations in the second quarter of 2024. This figure represents a significant 78% uplift compared to the same period last year.
According to data released by the ministry, a total of 121,521 business identification cards were dispensed by the end of June, a notable rise from the 68,222 issued in the previous year. This growth was observed across multiple sectors. Specifically, e-commerce registrations witnessed a 17.47% increase, reaching 40,697 registrations. Container handling services also saw a substantial growth of 48%, totaling 2,457 registrations, while logistics services experienced a 76% surge, with 11,928 new registrations.
Other sectors including urban and suburban passenger transportation, arts, entertainment, recreation, short-term accommodation, and cloud computing services also reported significant increases in registrations. Notably, the registration for artificial intelligence businesses soared by 53%, totaling 8,948 registrations.
Additional industries such as electronic games, mining, quarrying, and pharmaceuticals also recorded rises in commercial registrations. These increases coincide with Saudi Arabia’s position as one of the top 20 countries in global market competitiveness. The nation ranks 16th out of 67 countries according to the World Competitiveness Ranking by the International Institute for Management Development.
During the second quarter, Riyadh emerged as the leader in commercial registrations, with 52,192 registrations. The Eastern Provinces followed with 20,148 registrations, and Makkah with 18,904. Furthermore, 45% of the registrations were issued to female entrepreneurs, highlighting ongoing efforts to promote gender diversity in the business sector.
Source: Saudi Ministry of Commerce
