Saudi Gazette report

RIYADH — The rate of commercial registration issued during the third quarter of 2024 recorded an increase of 62 percent compared to the same quarter of 2023. A total of 135,000 commercial records were issued during the past three months, bringing the total number of commercial records to more than 1.5 million in all regions of the Kingdom.

This information was contained in the quarterly bulletin for the business sector released by the Ministry of Commerce for the third quarter of 2024. The bulletin also included an overview of the performance of the business sector and its developments in the Kingdom.

The quarterly bulletin covered the issuance of five laws aimed to boost confidence in the commercial environment, namely: Commercial Registration Law; Trade Names System; Product Safety Law; the Standard and Quality Law; and the Measurement and Calibration Law.

The bulletin also shed light on the developments in promising sectors. It highlighted the growth of commercial records in the sectors such as financial technology, artificial intelligence, electronic games, financial activities, insurance, education in the field of sports and entertainment, sports clubs, organizing tourist trips, wellness centers, market research and opinion polls, and other promising activities within the Kingdom's Vision 2030.

It also covered commercial records for e-commerce, which represents an important tributary to the national economy, as it posted a growth of 9.4 percent, compared to the same quarter of last year, with a total of 39,769 commercial records.