Shipping volume in Suez Canal drops 28% after disruptions

Shipping volume in Suez Canal drops 28% after disruptions
Shipping volume in Suez Canal drops 28% after disruptions

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s commercial registrations saw a 23 percent increase in the fourth quarter of 2023 compared to the corresponding period in the previous year, official data showed.   

Issued by the Ministry of Commerce, this certificate serves as a legal confirmation of a business’s official status in Saudi Arabia.  

The government bulletin reported the issuance of 95,863 such instruments across the Kingdom between October and December of this year.    

This surge underscores Saudi Arabia’s commitment to the implementation of Vision 2030 and economic diversification, signaling an encouraging environment for foreign investment.    

As per the ministry report, Riyadh took the lead in registrations with 33,343, followed by Makkah at 20,535 and the Eastern Province at 13,546. Together, these three cities contributed 70 percent of the total commercial registers issued during this period.   

Asir issued 5,409 permits, and Madinah followed with 4,970.

Accordingly, Riyadh, Makkah, and the Eastern Province represent 70 percent of the total number of commercial registers issued during the period. 

In addition, the ministry statement also revealed that up to 45 percent of the records issued to institutions are owned by women. 

Transportation 

The ministry report also shed light on the fact that the total number of records for transportation of goods by land in Saudi Arabia surged 21 percent year-on-year to reach 33,447 in the final quarter of 2023. 

Riyadh topped the list in issuing 11,752 registrations, followed by Makkah at 6,852 and the Eastern Province at 4,987. Meanwhile, Asir issued 2,004 registrations, followed by Qasim at 1,745. 

Hospitality 

Regarding the Kingdom’s hospitality sector, the data disclosed that the total number of registrations for boutique hotels jumped 74 percent in the fourth quarter compared to the corresponding quarter a year earlier to reach 1,911. 

Makkah topped the list with 863 registrations, followed by Riyadh with 613 and the Eastern Province with 141. Madinah came next with 121 registrations, followed by Asir with 50. 

The Saudi Ministry of Commerce’s vision is to achieve a pioneering position for ​the commerce sector in the Kingdom within a fair and stimulating environment. 

To do so, the ministry aims to develop and implement effective and efficient policies and mechanisms that will contribute to achieving sustainable economic development.

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