Riyadh, March 13, 2024, Saudi Arabia's business sector is witnessing a notable surge across various promising industries, serving as a pivotal driver for the country's economic growth and diversification. This positive trend is underscored by the Ministry of Commerce's latest quarterly business sector bulletin for Q4 2023, which highlights significant increases in commercial registrations across several key sectors.
Land transport of goods emerges as a standout performer, experiencing a remarkable surge in activity. By the conclusion of Q4 2023, commercial records soared to 33,447,000, marking an impressive year-on-year growth of 21.2%, with 5,841,000 more registrations compared to the same period in 2022.
The hospitality and technology sectors are also witnessing robust growth trajectories. The "resorts" activity, for instance, saw a substantial annual increase of 51%, reaching 3,377,000 records by Q4 2023. Notably, Makkah accounted for a significant share of this growth, capturing 40.4% with 1,364,000 records. Similarly, "software publishing" demonstrated healthy growth, surging by 28.8% over 2022, with 4,009,000 records reported.
The burgeoning tourism and specialized services sectors are yielding positive indicators as well. "Boutique hotels" experienced a notable surge of 74.4%, with commercial records reaching 1,911,000 by Q4 2023, with Makkah playing a prominent role by contributing 45.2% (863,000 records) of this growth. Furthermore, the increasing demand for cloud computing services is evident in the 40.5% annual growth of "providing cloud computing services" registrations, which reached 1,759,000 by Q4 2023.
Significant growth is also observed in manufacturing and creative industries. The "manufacturing medical instruments and equipment" activity recorded a notable increase of 28.3%, with commercial records reaching 1,322,000 by Q4 2023. Moreover, "visual arts activities" showcased the highest growth percentage at 103.5%, indicating a thriving creative sector.
Additionally, the data reveals a growing interest in marine recreation, with the number of commercial registrations for "marine clubs" witnessing a robust increase of 49.1% by Q4 2023.
In summary, Saudi Arabia's business sector exhibits a promising outlook, with various sectors leading the way in diversification and expansion. These positive developments contribute to a resilient and dynamic business landscape, signaling continued growth and opportunities for the nation's economy.
