Saudi Arabia’s Ministry of Commerce issued 121,000 new commercial registrations in the second quarter of 2024, marking a 78% increase compared to the same period last year.

The ministry’s quarterly bulletin on the business sector said the surge brought the total number of commercial registrations to more than 1,518,000 across the kingdom, a Saudi Press Agency (SPA) report said.

The “youth” participation, comprising both males and females, represent 38% of existing commercial registrations, it said.

The bulletin reports growth in sectors aligned with the kingdom’s Vision 2030, highlighting growth in sectors including logistics, transportations, arts, entertainment, cloud computing and electronic games. These developments offer opportunities for local and foreign business sector to develop businesses and expand partnerships.

E-commerce registrations, which represent an important component of the national economy, grew by 17%, reaching over 40,000 by the end of Q2 2024, it said.