The Ministry of Commerce unveiled its Q3 2023 business bulletin, spotlighting significant strides and overall performance in the Kingdom's commercial landscape.
A standout figure from the bulletin is the addition of 83,000 new commercial registrations in just the third quarter, pushing the total active tally past the 1.371 million mark.
Notably, the younger generation is making their mark, with 38% of the total active enterprise registrations attributed to young male and female entrepreneurs. Women entrepreneurs weren't far behind, holding a commendable 33% share, according to the bulletin.
E-commerce, a sector pivotal to the Kingdom's economy, witnessed a robust 12% growth by the close of Q3.
The report further highlighted a surge in registrations within sectors pivotal to the Kingdom's Vision 2030 objectives. Emerging tech sectors, including fintech, telemedicine, and bespoke software development, were highlighted. The entertainment, tourism, and real estate sectors also received notable mentions, signaling vast opportunities for both domestic and international collaborations.
To read the Q3 2023 business insights, the full bulletin is available
here.