Dr. Iman Al Mutairi, the Deputy Minister of Commerce and General Supervisor of the Saudi Center for Economic Business, announced a 17% increase in commercial registrations in the Eastern Region of Saudi Arabia in 2023 compared to 2018.
Speaking at the 2023 Entrepreneurship Forum and Exhibition, alongside the Minister of Industry and Mineral Resources, Mr. Bandar Alkhorayef, and the Chairman of the Eastern Chamber, Mr. Badr Al Razeiza, Dr. Al Mutairi reported that the Kingdom's commercial registrations have surpassed 1.386 million, with over 213,000 in the Eastern Region alone, a significant increase from 181,144 in 2018.
Key growth sectors in the Eastern Region include logistics (71% growth), marine clubs (70%), artificial intelligence (46%), and marine construction and port docks (44%).
Al Mutairi highlighted the rise of e-commerce, which accounted for 8% of Saudi Arabia's total trade in 2022, with projections suggesting its revenues could reach 49 billion Riyals by 2025.
In her address, she outlined the recent reforms aimed at enhancing the business climate. Key initiatives included drafting and refining over 70 pieces of legislation in the last seven years and implementing procedural reforms, such as establishing guidelines for public feedback on proposed regulations and systems before enactment.
Over 370 legislative initiatives have been advanced through the National Competitiveness Center's Istishara platform. To streamline the investment process, 485 stipulations across 18 sectors were abolished, and over 40 new economic activities were launched to spur investment in emerging sectors. Furthermore, she emphasized the Saudi Center for Economic Business's role in easing the initiation and conduct of business in the Kingdom, offering over 900 services from more than 60 government agencies across its 17 branches in 14 cities. Its business platform has reached a milestone of serving a million users this year.
Dr. Al Mutairi also emphasized the Anti-Concealment National Program's goal is to promote market rule compliance and foster opportunities for Saudi youth in a fair and competitive environment.