New business registrations surged in Saudi Arabia in 2023

Registration of new businesses in Saudi Arabia hit fresh new highs during the last three months of 2023.

In its latest bulletin, Saudi Arabia’s Ministry of Commerce announced that during the final quarter of last year there were 95,000 commercial registrations, marking a 23 per cent increase over the same period in 2022.

The registrations logged in the final quarter brought the total number of existing commercial records in the kingdom to more than 1.3 million by the end of 2023.

Breaking down the numbers further, the ministry said that the youth category accounted for 38.6 per cent of all registrations, followed by e-commerce (24 per cent).

On the e-commerce front, the city of Riyadh accounted for 15,074 company registrations, followed by Makkah (9,529), Eastern Province (6,011), Madinah (1,839) and Al Qassim (1,259).