KSA’s e-commerce sector sees 9.4pc growth in Q3

FE Team | Published: October 06, 2024 22:50:19

RIYADH, Oct 06 (Arab News): The Kingdom of Saudi Arabia's (KSA) e-commerce sector continues its upward momentum, with 39,769 businesses registered in the third quarter, a 9.4 per cent increase year on year.
The latest data from the Ministry of Commerce revealed that Riyadh led with 16,274 registrations, followed by Makkah with 10,023, and the Eastern Province with 6,328.
In the Madinah and Qasim regions, e-commerce registrations reached 1,897 and 1,302, respectively.
The growth highlights the Kingdom's ongoing transition toward a diversified, digitally-driven economy, with e-commerce playing a crucial role. Saudi Arabia now ranks among the top 10 countries globally in e-commerce expansion.
The commercial sector has seen a 62 per cent increase in the issuance of commercial records in the third quarter compared to the same period last year, according to the Ministry of Commerce's latest quarterly report.
The capital led the list with 53,150 registrations, followed by Makkah with 24,482, and the Eastern Province with 19,840. The Qassim and Asir regions recorded 6,973 and 6,542 registrations, respectively.
A total of 135,909 commercial records were issued over the past three months, bringing the overall number of active commercial records in the Kingdom to more than 1.5 million.
The ministry's quarterly business sector bulletin provides an overview of the latest developments in the Kingdom's commercial environment, highlighting the continued growth and diversification of Saudi Arabia's economy.
The report also introduced five key regulatory systems to enhance confidence in the business landscape.
These regulatory systems include the Commercial Register System, Trade Names System, and Product Safety System. They also encompass the Standards and Quality System and the Measurement and Calibration System.
The bulletin also underscored significant growth across various promising sectors, aligning with Saudi Arabia's Vision 2030 goals.
Notable expansions were observed in several key fields, including financial technology, artificial intelligence, and electronic gaming.
Growth was also seen in financial and insurance activities, as well as sports and entertainment education.
Other areas of expansion included sports clubs, tourism organizations, and relaxation centres.
Market research and opinion polling sectors also experienced significant progress.
These developments reflect the Kingdom's strategic focus on fostering innovation and sustainable growth across diverse industries.
In the fintech solutions sector, the number of registered companies in Saudi Arabia climbed 27 per cent in the third quarter compared to the same period last year, reaching 3,593.