{"id":90273,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/07\/newly-issued-commercial-registrations-for-businesses-rise-62-in-3q-2024\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"newly-issued-commercial-registrations-for-businesses-rise-62-in-3q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/07\/newly-issued-commercial-registrations-for-businesses-rise-62-in-3q-2024\/","title":{"rendered":"Newly-issued commercial registrations for businesses rise 62% in 3Q 2024"},"content":{"rendered":"

The Commerce Ministry issued a total of 136k new commercial registry records in 3Q <\/strong>2024<\/strong>, marking a 62% y-o-y rise in the number of newly-issued registrations, according to the ministry\u2019s quarterly report (pdf)<\/a>. Women-owned businesses accounted for 45% of the newly-issued registration documents during the quarter, the ministry said. Riyadh, Makkah and the Eastern Province emerged as top regions for business activity in Saudi, which collectively saw 72% of all new registrations in 3Q. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The lay of the land:<\/strong> Saudi now has a total of 1.5 mn active commercial registrations, 46.8% of which are held by women. Of that same overall figure, 38% of commercial registrations are held by young entrepreneurs, according to the breakdown. Overall, Riyadh is home to 495.5k active registrations, followed by Makkah at 335k, and the Eastern Province at 235.9k.<\/p>\n

Gaming industry leads the pack: <\/strong>The game development sector recorded the highest y-o-y growth in commercial registrations in 3Q 2024, with their number more than doubling to 5.8k, up from 2.8k during the same period last year. This was followed by 68% y-o-y growth in new commercial records in the logistics sector to 14.2k, a 49% uptick in the AI tech sector (10.2k), and a 48% increase in the 3D printing tech (5.4k). Commercial registrations for fintechs grew at 27% y-o-y. The number of active registrations in the local e-commerce sector came in at 39.8k in 3Q, up from 36.3k during the same period last year. <\/p>\n

Also seeing growth: <\/strong>The financial and ins. services sector logged a total of 11.2k commercial registrations by the end of 3Q (17% y-o-y growth), followed by 8.6k in the hotel apartments sector (43% y-o-y growth). The sports club sector recorded 7.5k registrations (17% y-o-y growth), with wellbeing and personal care centers at 6.6k (37% y-o-y growth) . <\/p>\n

REMEMBER- <\/strong>The Cabinet recently signed off a new<\/a> <\/a><\/strong>Commercial Registration Law and Trade<\/a> <\/a><\/strong>Name Law<\/a>, which are set to take effect 180 days from their publication in the Kingdom\u2019s official Gazette<\/a> last Friday. Among other changes, companies will now be required to have a singular commercial register covering all of their activities in Saudi. <\/p>\n","protected":false},"excerpt":{"rendered":"

The gaming industry led the pack in terms of the highest growth in newly-issued commercial registrations.<\/p>\n","protected":false},"author":1,"featured_media":90274,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2705],"tags":[2471,866,10],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","tag-commerce-ministry","tag-enterpriseam-ksa","wpautop","entry"],"acf":{"mongo_id":"7e38f84f-444a-4ee3-ad54-4e122b93074f","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/464.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Newly-issued commercial registrations for businesses rise 62% in 3Q 2024","related_issue":[90266],"teaser":"The gaming industry led the pack in terms of the highest growth in newly-issued commercial registrations.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.b729da78-c661-4847-bf7f-b9498a4d8cb3.mp3"},"yoast_head":"\nNewly-issued commercial registrations for businesses rise 62% in 3Q 2024 - 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