Saudi Arabia’s business sector witnessed a boom in most segments during the second quarter of the year due to an increase in commercial registers.
A total of 56,363 were issued in the period, from more than 1.35 million registers currently active in the Kingdom, the Saudi Ministry of Commerce revealed in its Q2 summary bulletin.
The Q2 registrations, which included 17,870 in Riyadh, followed 65,400 throughout the country in the first quarter of the year.
Makkah came in second with 12,858, followed by 8,922 in the Eastern Province, 3,332 in Madinah, and Asir’s 2,447.
The wholesale and retail industry led the way with 19,804 registrations, representing 34 percent of all the commercial registers issued during the quarter. The construction sector followed with 9,209 (16 percent) and then the accommodation and catering services sector with 7,151 (12 percent).
Other sectors included manufacturing, administrative and support services, transportation and warehousing, real estate, cybersecurity, robotics, and artificial intelligence.
Ministry officials said logistics services, creative activities, and the arts and entertainment sector had seen sustained growth and were providing opportunities to domestic and foreign business sectors.
The ministry recently designated 10 priority projects in the trade and investment sector for this year as part of efforts to evaluate and modernize rules and legislation, according to the Saudi Press Agency.
Consumer protection, business registration, trade names, commercial transactions, mediation, and restrictions for developing government firms are among measures to be addressed, the SPA reported.
They are aimed at helping realize Vision 2030 goals of creating an appealing investment environment for local and international investors while also improving the business sector’s regional and global competitiveness.