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Saudi Arabia sees 59pc surge in commercial registrations

April 04, 2024 00:00:00

RIYADH, Apr 03 (Arab News): Saudi Arabia's trade industry witnessed 104,000 commercial registrations in the first quarter of 2024, marking a 59 per cent year-on-year growth, according to official data.

This comes as the Ministry of Commerce issued 65,363 permits during the same period in 2023, according to the quarterly business sector bulletin.

The spike in numbers brings the total number of registrations to over 1.45 million across all regions of the Kingdom. This certificate serves as a legal confirmation of a business' official status in the Kingdom.

Riyadh, Makkah, and the Eastern Province led in the number of permits issued, with 39,821, 19,811, and 15,236 entries respectively, comprising 71 per cent of the Kingdom's total.

The surge in licenses reflects substantial progress in Saudi Arabia's promising trade sectors, contributing significantly to the expansion and development of the business sphere while fostering distinctive and diverse partnerships annually.

It also underscores the Kingdom's commitment to the implementation of Vision 2030 and economic diversification, signaling an encouraging environment for foreign investment.

The bulletin showed that legal certificates issued to women accounted for 44 per cent of the total.

Young Saudis accounted for 38 per cent of the total commercial registrations for establishments in the Kingdom.

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