The business sector in Saudi Arabia is experiencing a surge in promising sectors, acting as a significant engine for its overall growth and diversification.
This trend is evident in the Ministry of Commerce’s recently published quarterly business sector bulletin, for Q4 2023, which highlighted a rise in commercial registrations across various sectors.
Land transport of goods emerged as the frontrunner, witnessing a remarkable increase.
Saudi Arabia business sector
By the end of Q4 2023, commercial records reached 33,447,000, an increase of 5,841,000 over the same period in 2022, reflecting a 21.2 per cent year-on-year growth.
The hospitality and technology sectors are also showing strong growth. The “resorts” activity saw a significant 51 per cent annual increase, reaching 3,377,000 records by Q4 2023.
Notably, Makkah captured a leading share, 40.4 per cent, of this growth, with 1,364,000 records.
Similarly, “software publishing” displayed a healthy growth of 28.8 per cent over 2022, reaching 4,009,000 records.
The rise in tourism and specialised services is another positive indicator.
“Boutique hotels” witnessed a surge of 74.4 per cent, with commercial records reaching 1,911,000 by Q4 2023.
Makkah again played a prominent role, accounting for 45.2 per cent (863,000 records) of this growth.
The demand for cloud computing services is reflected in the 40.5 per cent annual growth of “providing cloud computing services” registrations, reaching 1,759,000 by Q4 2023.
Growth is evident in manufacturing and creative industries as well. The “manufacturing medical instruments and equipment” activity saw a 28.3 per cent increase, with commercial records reaching 1,322,000 by Q4 2023.
“Visual arts activities” experienced the highest growth percentage (103.5 per cent), showcasing a thriving creative sector.
Data also indicates a growing interest in marine recreation. The number of commercial registrations for “marine clubs” in Saudi Arabia increased by 49.1 per cent by Q4 2023.
Overall, the data paints a positive picture of Saudi Arabia’s business sector.
Promising sectors are leading the way, with diversification on the rise, contributing to a robust and expanding business landscape.
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