The Saudi Ministry of Commerce released its business summary bulletin for the third quarter (Q3), providing a comprehensive overview of the Kingdom’s business performance and key developments. During the third quarter of 2023, the issuance of commercial registers exceeded 83,000, contributing to a total of over 1,371,000 existing commercial registers.
The bulletin provided a breakdown of the existing business records, with enterprises accounting for 38 percent of the total, while women constituted 33 percent of the overall existing records of enterprises.
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The bulletin underscored the significance of e-commerce commercial registers as a vital driver of the national economy, demonstrating a notable growth of 12 percent by the conclusion of Q3 2023.
The quarterly bulletin released by the Ministry highlighted the expansion of commercial registers in several promising sectors aligned with Vision 2030. Notably, there has been significant growth in technical sectors encompassing activities such as financial technology solutions, telecommunications medicine, private software programming, as well as sectors related to leisure, tourism, and real estate. These developments present compelling opportunities for the domestic and international business sectors to foster business growth, forge partnerships, and expand their operations.
Remarkable surge
In Q2 2023, Riyadh witnessed a remarkable surge in entrepreneurial activity, with a total of 56,363 commercial registers being issued. This achievement establishes Riyadh as the city with the highest number of emerging entrepreneurs in the business landscape of Saudi Arabia. Commercial registers, issued by the Saudi Ministry of Commerce, serve as legal documents affirming the registration of businesses in the country.
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