Saudi Sees 67% Increase in Commercial Registrations in 4Q 2024

RIYADH – Saudi Arabia has seen a big jump of 67% in new business registrations in the fourth quarter of 2024 compared to last year. In the past three months, over 160,000 new businesses have been registered, bringing the total number of active businesses in the country to more than 1.6 million.

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This information was shared in a report from the Ministry of Commerce. The report showed that many areas of the economy are growing, especially in cloud services, app development, financial technology, tourism, entertainment, and training new workers.

Online shopping or e-commerce also grew a lot, with a 10% rise in new business registrations compared to the same time last year. There are now 40,953 e-commerce businesses in Saudi Arabia.

This growth shows that Saudi Arabia is moving forward with its Vision 2030 plan, which is focused on improving the economy by growing new industries like technology and online shopping.

The increase in new businesses is a good sign for the country’s economy. It shows that more companies are opening, especially in areas like technology, entertainment, and e-commerce, which creates more chances for people to start businesses.

The report from the Ministry of Commerce highlights that businesses are helping Saudi Arabia’s economy grow and change. It also shows that online shopping and technology will be very important for the future of Saudi Arabia’s economy.