Riyadh, Saudi Arabia — Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter of 2023, with land transport of goods leading the way, the Kingdom’s Ministry of Commerce said Wednesday.
Land transport of goods witnessing a remarkable increase. By the end of Q4 2023, commercial records reached 33.44 million, an increase of 5.84 million over the same period in 2022, reflecting a 21.2 percent year-on-year growth.
The hospitality and technology sectors also showed a strong growth. The resorts activity saw a significant 51 percent annual increase, reaching 3.37 million records by Q4 2023.
Notably, Makkah captured a leading share, 40.4 percent, of this growth, with 1.36 million records. Similarly, software publishing displayed a healthy growth of 28.8 percent over 2022, reaching more than 4 million records.
The rise in tourism and specialized services is another positive indicator. Boutique hotels witnessed a surge of 74.4 percent, with commercial records reaching 1.91 million by Q4 2023. Makkah again played a prominent role, accounting for 45.2 percent (863,000 records) of this growth.
The demand for cloud computing services is reflected in the 40.5 percent annual growth of providing cloud computing services registrations, reaching 1.75 million by Q4 2023.
Growth is evident in manufacturing and creative industries as well. The manufacturing medical instruments and equipment activity saw a 28.3 percent increase, with commercial records reaching 1,322,000 by Q4 2023.
Visual arts activities experienced the highest growth percentage (103.5 percent), showcasing a thriving creative sector.
Data also indicates a growing interest in marine recreation. The number of commercial registrations for “marine clubs” increased by 49.1 percent by Q4 2023.