Commercial Registrations Grow by 62% in Q3 2024 over Same Period of Last Year, Says Commerce Ministry

The Ministry of Commerce has released its quarterly business sector bulletin for the third quarter of 2024, providing an overview of the performance and developments of the business sector in the Kingdom. The ministry reported a 62% increase in the total number of commercial registrations issued in Q3 of this year compared to the same period last year; 135,000 registrations were issued in the July-September period of the year. This brings the total number of commercial registrations in the Kingdom to more than 1.5 million. The quarterly bulletin highlights the fact that five regulations were issued to boost confidence in the commercial sector. They are: Commercial Registration Law, Trade Names Law, Product Safety Law, Standards and Quality Law, and Measurement and Calibration Law. The bulletin also shed light on growth in promising sectors, noting the increase in commercial registrations in fields such as fintech, AI, electronic gaming, financial activities, insurance, sports and entertainment education, s ports clubs, tourist trips, relaxation centers, market research, and opinion polling, among other promising activities aligned with the Saudi Vision 2030. The bulletin also notes the 9.4% growth of e-commerce registrations, which are a key contributor to the national economy, compared to the same quarter last year, reaching a total of 39,769 registrations. The business sector bulletin for the third quarter of this year can be accessed via the following link: https://mc.gov.sa/nl. Source: Saudi Press Agency