Riyadh, January 03, 2024, The Ministry of Commerce has released the business sector bulletin for the fourth quarter (Q4) of 2023, providing insights into significant developments and the expansion of commercial activities and promising sectors.
During the last three months of 2023, more than 95,000 commercial records were issued, marking a substantial 23% increase compared to the same period in 2022. The total number of existing commercial records surpassed 1,397,000 by the end of the year. Notably, the youth category, encompassing both genders, represented 38.6% of the total commercial records issued during the quarter. Additionally, women accounted for 38% of the total existing commercial records for institutions.
The bulletin also highlighted the growth of e-commercial records, which increased by 34% by the end of the fourth quarter, underscoring the increasing importance of digital commerce.
Furthermore, the bulletin shed light on the most prominent economic activities within promising sectors such as technology, entertainment, transportation, and tourism. Specific activities experiencing growth included cloud-computing services, software publishing, resorts, land transportation of goods, marine clubs, and the manufacturing of medical tools and equipment.
These findings illustrate the dynamic nature of the business sector in Saudi Arabia, with a focus on emerging industries and the increasing participation of the youth and women in entrepreneurial endeavors. The growth in e-commerce further emphasizes the ongoing digital transformation within the commercial landscape.