As more and more Saudis are turning to online buying, the Kingdom is seeing unprecedented growth in e-commerce businesses, with the total number of registered firms in the country touching 35,314 in the second quarter of 2023.
This is a growth of 21 percent over the 29,007 registered e-commerce firms in the corresponding period a year ago, the latest data released by the Minister of Commerce revealed.
The ministry bulletin also showed that Riyadh topped the list in issuing 14,026 registrations, followed by Makkah at 9,080 and the Eastern Province at 5,699.
While Madinah issued 1,756 registrations, followed by Qassim and Aseer at 1,204 and 1,080 respectively.
This comes as the e-commerce sector in the Kingdom is increasingly playing a key role in bolstering the national economy, amid the Kingdom’s push to strengthen the digital industry under the National Transformation Program.
Saudi Arabia is one of the top 10 developing countries in the e-commerce sector, with an annual growth rate exceeding 32 percent.
Logistics sector
With regard to the logistics sector, the bulletin revealed that the number of companies registered in Saudi Arabia rose 83 percent to hit 4,288 in the second quarter of the year, compared to 2,337 in the same period in 2022.
Again, Riyadh topped the list in issuing 1,972 registrations, followed by Makkah at 1,223, and the Eastern Province at 575, with Madinah and Qassim recording 120 and 101 registrations respectively.
Entertainment sector
Meanwhile, the new firms registered for carrying out entertainment and creative activities were 24, with the total number reaching 2,202 at the end of the second quarter of 2023, compared to 1,766 in the same quarter a year earlier.
Moreover, the bulletin indicated that Riyadh topped the list in issuing 1,050 registrations, followed by Makkah at 680, the Eastern Province at 242, Madinah at 68 and Aseer at 45.
Saudi Ministry of Commerce’s push to issue new registrations highlights its vision to achieve a pioneering position in the Kingdom within a fair and stimulating environment.
To do so, the ministry aims to develop as well as implement effective and efficient policies and mechanisms, which will contribute to achieving sustainable economic development.
Source: https://www.arabnews.pk/node/2342531/business-economy