In the second quarter of 2024, Madinah saw an 8.6% increase in commercial registrations across 20 economic sectors, with notable growth in transport and storage (19.1%) and construction (18.8%).
Significant sector growth included mining (12.7%), restaurant and catering (7.5%), vehicle maintenance (6.9%), communications and information (6.6%), manufacturing (6.4%), and tourism (5.5%). Car rental and agriculture also grew by 5.5% and 5.1%, respectively.
The total number of commercial registrations reached 61,833 across 105,132 sub-activities, with 92% concentrated in Madinah and the remainder spread across Al Ula, Al Henakiyah, Al Mahd, and Khaybar.
Madinah, September 4, 2024 — During the second quarter of 2024, Madinah witnessed a notable 8.6% increase in commercial registrations across 20 economic sectors, reflecting a robust expansion in regional economic activity. According to a recent report from the AlMadinah AlMunawarah Chamber, the transport and storage sector led this growth with a remarkable 19.1% year-over-year increase. Additionally, the construction sector showed significant momentum, with new registrations surging by 18.8%, bringing the total to 11,865.
The National Classification for Economic Activities report highlights a broader uptrend in the region’s economic landscape. The mining industry saw a substantial 12.7% growth, indicating a thriving sector amid broader economic developments. The restaurant and catering sector also experienced a 7.5% increase, underscoring a growing demand for dining and hospitality services.
Several other sectors demonstrated noteworthy progress. Vehicle maintenance services expanded by 6.9%, communications and information technology grew by 6.6%, and manufacturing saw an increase of 6.4%. The tourism sector also enjoyed a 5.5% rise, reflecting increased interest in regional travel and attractions. Additionally, car rental and agricultural activities grew by 5.5% and 5.1%, respectively, further contributing to the region's economic vitality.
In contrast, the wholesale and retail trade sector and arts and entertainment industries recorded more modest growth rates of 3.9% and 3.2%, respectively. Educational activities showed a slight increase of 1%, while the real estate sector experienced a marginal growth of 0.4%. Unfortunately, the financial, health, professional, and social services sectors faced declines during this period, highlighting areas that may require strategic intervention.
Overall, the total number of commercial registrations reached 61,833 for 105,132 sub-activities in the region. Madinah remained the focal point, with 92% of these economic activities concentrated within the city. The remaining activities were distributed across Al Ula, Al Henakiyah, Al Mahd, and Khaybar, showcasing a diversified but centralized economic expansion.