Saudi Arabia’s Business Sector Booms, Land Transport, Arts Lead the Charge

The business sector in Saudi Arabia is experiencing a surge in promising sectors, acting as a significant engine for its overall growth and diversification. This trend is evident in the Ministry of Commerce’s recently published quarterly business sector bulletin, for Q4 2023, which highlighted a rise in commercial registrations across various sectors.

Land transport of goods emerged as the frontrunner, witnessing a remarkable increase. By the end of Q4 2023, commercial records reached 33,447,000, an increase of 5,841,000 over the same period in 2022, reflecting a 21.2% year-on-year growth.

The hospitality and technology sectors are also showing strong growth. The “resorts” activity saw a significant 51% annual increase, reaching 3,377,000 records by Q4 2023. Notably, Makkah captured a leading share, 40.4%, of this growth, with 1,364,000 records. Similarly, “software publishing” displayed a healthy growth of 28.8% over 2022, reaching 4,009,000 records.

The rise in tourism and specialized services is another positive indicator. “Boutique hotels” witnessed a surge of 74.4%, with commercial records reaching 1,911,000 by Q4 2023. Makkah again played a prominent role, accounting for 45.2% (863,000 records) of this growth. The demand for cloud computing services is reflected in the 40.5% annual growth of “providing cloud computing services” registrations, reaching 1,759,000 by Q4 2023.

Growth is evident in manufacturing and creative industries as well. The “manufacturing medical instruments and equipment” activity saw a 28.3% increase, with commercial records reaching 1,322,000 by Q4 2023. “Visual arts activities” experienced the highest growth percentage (103.5%), 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% by Q4 2023.

Overall, the data paints a positive picture of Saudi Arabia’s business sector. Promising sectors are leading the way, with diversification on the rise, contributing to a robust and expanding business landscape.