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Saudi Arabia sees 23% surge in commercial registrations in Q4

The surge in commercial registrations serves as a testament to the efforts towards economic diversification in the Kingdom.

Saudi Arabia sees 23% surge in commercial registrations in Q4
[Source photo: Anvita Gupta/Fast Company Middle East]

Commercial registrations in Saudi Arabia, a document certifying a business’s official status in the country, experienced a 23% increase in the fourth quarter of 2023 compared to the same period in 2022.

This information coincides with the Ministry of Commerce reporting the issuance of 95,863 documents across Saudi Arabia between October and December.

According to the report, Riyadh led in registrations with 33,343, followed by Makkah at 20,535 and the Eastern Province at 13,546. These three cities accounted for 70% of the total commercial registrations. Following them, Asir issued 5,409 permits, while Madinah issued 4,970.

The report emphasized that women own 45% of the records issued to institutions. Additionally, the ministry highlighted that the total number of records for transporting goods by land in the kingdom increased by 21% year-on-year, reaching 33,447 in the fourth quarter of 2023.

In the hospitality sector, the report indicates a significant increase in registrations for boutique hotels, surging by 74% in the fourth quarter compared to the same period in 2022, totaling 1,911.

Makkah led the list with 863 registrations, followed by Riyadh with 613 and the Eastern Province with 141. Madinah followed with 121 registrations and Asir with 50.

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