JEDDAH: Saudi Arabia’s Qassim region has experienced 25 percent growth in its business sector over the past seven years, reflecting increased economic activity and contributing to the Kingdom’s goal of balanced development.
The number of commercial records in the central region rose from 68,000 in 2018 to 85,000 by the end of the first quarter of this year, the Ministry of Commerce reported in a post on its official X account.
The latest figures showed that the Qassim region saw 1,342 e-commerce registrations, contributing to the overall 6 percent year-on-year increase in the sector.
The increase comes as the Kingdom pushes ahead with its economic diversification strategy, aiming to increase the private sector’s share of the gross domestic product from 40 percent to 65 percent by 2030.
This effort is reflected in a 60 percent increase in commercial registrations in 2024 across the Kingdom, with a total of 521,969 records issued, according to the Ministry of Commerce.
Business registrations continued to rise in early 2025, with 154,638 commercial records issued in the first quarter alone, representing a 48 percent year-on-year increase.
The ministry report highlighted “critical sectors” for the Kingdom include technology, tourism, and entertainment, as well as research and development.
The report added: “These sectors offer businesses significant opportunities to grow and expand partnerships.”
According to the Ministry of Commerce, a commercial registration certificate verifies a business’s official status within Saudi Arabia. These records are essential for operating in the Kingdom, as they are required to open a bank account, hire employees, sign contracts, and conduct other business activities.
The data also showed that 71 percent of the total commercial records issued were concentrated in three key regions: Riyadh, Makkah, and the Eastern Province.
This surge in registrations aligns with recent reforms to Saudi Arabia’s business registration system, including the introduction of the new Commercial Register Law and Trade Names Law.
Subsidiary registers have also been abolished, meaning that one commercial register now covers all businesses, and companies no longer need to specify the city of registration, as a single enrollment is now valid nationwide.
The bulletin also revealed that 45 percent of the total commercial records issued to institutions are owned by women.
In an interview with Arab News in April on the sidelines of the Human Capability Initiative held in the capital, Zeger Degraeve, dean of Prince Mohammed Bin Salman College of Business & Entrepreneurship, emphasized that ensuring balanced regional development is crucial as Saudi Arabia accelerates its economic diversification efforts under Vision 2030.
The rise in business registrations in Qassim is aligning with its growing industrial sector, supported by its rich mineral resources, which are a key focus of Saudi Arabia’s Vision 2030 diversification plan.
The region’s SR122 billion ($32.5 billion) in untapped mineral wealth, including significant deposits of gold, copper, zinc, and phosphate, contributes to the area’s industrial development, which has seen substantial growth.
