Markets in retreat on growing fears of Middle East war

Jeddah - Yasmine El Tohamy - RIYADH: Companies registered in Saudi Arabia’s Eastern Province now stand at over 210,00 after a 1.5 percent rise in the third quarter of 2023.

Figures released by the Ministry of Commerce show 210,818 commercial entities in the region, up from 207,606 at the end of June.

The data confirms the province’s status as the Kingdom’s third-largest economic region in terms of new businesses initiating operations.

This economic development aligns with the objectives of Vision 2030, Saudi Arabia’s plan for industrialization and economic diversification. 

Abdulrahman Al-Hussein, the ministry’s spokesperson, highlighted the Eastern Province as a significant driver of economic growth and a catalyst for entrepreneurship.  

Speaking at the first “Jusur” Communication and Awareness Forum, he revealed that the number of small and medium-sized enterprises in the region has surpassed 136,000 establishments. 

The top five sectors contributing to the growth of economic activities in the Eastern Province throughout the third quarter of 2023 include logistics services, experiencing a 73 percent increase, and maritime clubs, registering a 72 percent rise.  

Additionally, the construction of docks and maritime ports has seen a 47 percent surge, and artificial intelligence has risen by 45 percent. Meanwhile, maritime transportation and shipping have maintained a steady growth rate of 27 percent. 

Al-Hussein added that the Support Center for Enterprises in Alkhobar has been assisting entrepreneurs by providing services and consultations to more than 5,400 businesspersons throughout the current year. 

He explained that the Eastern Province is home to the largest branch of the Saudi Business Center, situated in the Eastern Chamber Tower, offering a comprehensive suite of over 750 services to businesses and investors in one convenient location.  

Regarding the ministry’s efforts to combat fraud and deception, he emphasized the critical importance of verifying website reliability as the initial step in protection.  

Al-Hussein noted that the ministry employs two key strategies for countering fraud and deception – daily proactive monitoring and cooperation with partners in the Electronic Commerce Council and the Permanent Internet Security Committee. In the past two months, they have successfully blocked over 200 websites impersonating the ministry.  

Al-Hussein further elaborated on the three pillars of institutional communication with society that the ministry relies on. These encompass customer-oriented awareness, swift response and resolution of complaints, and the sharing of information through data and statistics to facilitate informed decision-making within the business community. 

He stressed the significance of raising awareness among citizens and residents regarding the risks and consequences of commercial concealment.  

Notably, educational campaigns have contributed to rectifying the status of over 19,000 commercial establishments, including 2,216 in the Eastern Province, ensuring compliance with government regulations. 

Additionally, Al-Hussein highlighted the value of productive cooperation and partnership between the ministry and citizens, achieved through effective communication and the reporting of violations.  

This collaboration has played a pivotal role in uncovering instances of fraud and commercial concealment within the Eastern Province and various provinces across the Kingdom.