"Thriving Business Sector: Saudi Ministry of Commerce Reports Surge in Commercial Registers"

Riyadh, Saudi Arabia - The Ministry of Commerce in Saudi Arabia has announced a remarkable increase in the issuance of commercial registers, with a total of 104,000 registers issued during the first quarter of 2024. This figure represents an impressive 59% surge from the previous year's figure of 65,360, as indicated in the ministry's quarterly bulletin on the performance of the local business sector.

The significant rise in commercial registers has resulted in the total number of registers reaching approximately 1.46 million across the Kingdom. Geographically, Riyadh, Makkah, and the Eastern Province have emerged as the top regions with the highest number of commercial registers issued during the first quarter of 2024, accounting for approximately 38%, 19%, and 15% respectively.

Among the types of businesses registered, the ministry granted 24,200 commercial registers to limited liability companies during Q1 2024, and an additional 4 to special limited partnership (SLP) firms. Joint-stock companies secured 151 commercial registers, while simplified joint-stock and general partnership firms gained 30 and 55 registers respectively.

As Q1 2024 drew to a close, the total number of commercial registers in the Kingdom reached approximately 1.46 million. Riyadh led the way with around 447,040 registers, which accounts for 31% of the overall total. Makkah followed closely behind with approximately 339,000 registers.

These numbers reflect the thriving business landscape in Saudi Arabia, demonstrating the country's commitment to promoting entrepreneurship and driving economic growth. The Ministry of Commerce's concerted efforts in simplifying business registration processes have contributed to facilitating the establishment of new businesses across various sectors. This surge in commercial registers signifies the resilience and vitality of the local business sector, positioning Saudi Arabia as an attractive destination for investment.

The increase in commercial registers is a testament to the entrepreneurial spirit and growing confidence of individuals and entities in the kingdom's business environment. As Saudi Arabia continues to diversify its economy and foster a more business-friendly landscape, the nation is set to witness further growth and development in the coming years.