The Ministry of Commerce released the summary bulletin of its work during the third quarter of 2023, which included a look at the performance of the business sector and its developments in the Kingdom, revealing that more than 83 thousand business records were issued during the third quarter of 2023.Net.sa/60009/">commercial registration during Q3 2023, while the total number of existing commercial records reached more than 1.37 million.

The bulletin provided a breakdown of the existing business records, with young men and women accounting for 38 percent of the total existing business records, while women accounted for 33 percent of the total existing business records.

The bulletin highlighted that the share of young men and women in the total number of existing business records reached 1.37 million business records. The bulletin highlighted the commercial records for e-commerce, which represents an important tributary to the national economy, growing 12 percent by the end of the third quarter 2023.

<Through the quarterly bulletin, the ministry also pointed out the growth of commercial records in a number of promising sectors in the Kingdom's Vision 2030, such as the technical sectors represented in a number of activities, most notably: FinTech solutions, telemedicine, and proprietary software programming, in addition to activities related to the entertainment, tourism, and real estate sectors, providing the local and foreign business sector with opportunities to grow business and expand partnerships.

Fintech Solutions Registers

The number of existing commercial records for the activity of financial technology solutions in Saudi Arabia grew by 21 percent by the end of the third quarter of 2023, and the ministry indicated that the commercial records for the activity of financial technology solutions reached 2,831 commercial records by the end of the third quarter of 2023, compared to 2,329 commercial records by the end of the same quarter of 2022.

Riyadh led the highest number of commercial records for the activity of financial technology solutions by the end of the third quarter of 2023. Riyadh topped the top 5 regions with 1,707 commercial records, followed by Makkah with 588 commercial records, Sharqiya with 297 commercial records, Madinah with 84 commercial records, and Qassim with 44 commercial records.

Riyadh topped the top 5 regions in terms of existing commercial records for fintech solutions activity.

Heritage Hotel Activity

The Ministry of Commerce showed that the existing commercial records for the heritage hotel activity grew 60% during the third quarter of 2023, and the Ministry indicated that the commercial records for the heritage hotel activity amounted to 1544 commercial records, compared to 963 commercial records at the end of the similar quarter of 2022.
The Makkah region topped the top five regions in the existing commercial records for heritage hotel activity with 605 commercial records, followed by the Riyadh region with 545 commercial records, then the Medina region with 122 commercial records, followed by the Eastern region with 101 commercial records, then the Asir region with 62 commercial records.